Z Gen is the future of global economy
Spending VND13 trillion on food and drinks alone each month, the members of Z generation (Z Gen) in Vietnam are believed to be major consumers in the future.
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The members of Z Gen are believed to be major consumers in the future |
Tri just graduated from RMIT University one year ago, but earns a lot from his 3D app designing.
“I just need to post my products on some websites of the designers’ community. If foreign firms like my products, they will contact me,” he explained.
“Sometimes they buy my products. In other cases, they hired me to develop projects together with them,” he said.
“As a freelancer, I don’t have to go to office. I don’t have to observe any rules set by businesses and I control my time. I like this lifestyle,” he said.
Minh Tri is a member of Z Gen, born in the digital technology era. These people, born in the mid 1990s to mid 2000s, are entering the labor and consumer markets.
According to Epinion, Z Gen members don’t receive official salaries, but their average income is US$112 a month.
Google started in 1996. Facebook made its debut in 2004, YouTube in 2005 and internet penetrated Vietnam in 1997. As such, the Vietnamese Z Gen witnessed the strong development of internet.
“Therefore, Z Gen can be called iGen, a new generation of users whose behaviors and lives are digitalized in all ways,” commented Nguyen Hai Trieu, CEO of YouNet Media.
Regarding Z Gen’s consumption behaviors, a report of Decision Lab, a market analysis firm, about Ho Chi Minh City market, showed that despite modest income and reliance on parents, Z Gen is still considered the group of customers who are setting new trends in the large cities of Vietnam.
More than 56% of individuals surveyed by Decision Lab don’t have an income or have modest income of less than VND3 million a month. Only 35.1% of individuals have the income of VND3-VND7.5 million.
Their average expenditure on non-home food and drinks is VND892,443 a month.
Unlike millennials who like to have major meals at home, many Z Gen members prefer eating out at restaurants.
They adapt to fast food quickly. As for drinks, they don’t especially like coffee or alcoholic drinks like the previous generations, but prefer bubble tea.
Belonging to the ‘generation of connections’, Z Gen individuals don’t think they need to go to shops. They prefer online purchases.
