Vietnamese consumers are becoming more financially prudent, focusing on long-term stability despite improvements in personal finances. Over the past year, 42% of consumers reported an improvement in their financial situation, with a striking 63% expecting further gains in the next 12 months. 

Download the full F&B Trends 2024 report here

However, this positive outlook has not translated into higher spending on non-essential items, particularly in the Food & Beverage sector. Expenses on dining out at restaurants and alcoholic beverages have declined, with consumers prioritizing savings. 

Budgeting trends in dining out
Decision Lab’s latest research shows that Vietnamese consumers are tightening their belts when it comes to out-of-home (OOH) eating and drinking. A significant 84% of respondents have set spending limits, with Gen Z leading the charge—49% of this generation adhere strictly to their budget, the highest across all age groups. This cautious approach is reflected across all generations, where the average is 44%. 

Eating out remains essential

Despite financial caution, eating and drinking out continues to be an integral part of Vietnamese social life. Dining out ranks high among the top 10 most popular out-of-home activities, with 57% of consumers enjoying beverages at cafés and milk tea shops, and 48%, 48%, and 43% frequenting sidewalks, street stalls or small eateries in alleys and restaurants respectively. Moreover, Vietnamese local food stores, coffee shop chains, and quick-service restaurants (QSRs) remain the top choices for consumers when dining out.  

Download the full F&B Trends 2024 report here

Opportunities for F&B businesses 

For F&B businesses to succeed in this challenging economic landscape, they must stay attuned to evolving consumer preferences. The report highlights that consumers value meaningful connections with family and friends when dining out, with 47% prioritizing this social aspect. Alongside emotional motivators, practical factors like Value for Money (45%), food quality (44%), and ingredient safety (41%) are key drivers in consumer decisions.  

To thrive, F&B brands must focus on delivering consistent quality, ensuring value, and building trust with their customers. By adhering to these core principles, businesses can remain competitive and appeal to the increasingly discerning Vietnamese consumer. Thue Quist Thomasen, the CEO of Decision Lab, noted, “These moments highlight the dynamic and evolving nature of the F&B industry. Although consumer behaviors may be changing, diners still prioritize value for money, food taste, and ingredient quality, emphasizing a return to the fundamentals of good food and service.” 

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For a deeper dive into these trends, download the full F&B Trends 2024 report here.

Source: Decision Lab