Vietnam – Vietnam is a country on the move. Its streets throng with motorbikes and cars, while a building boom is transforming the skyline of every city in the land. The people are prospering too, with incomes rising rapidly.
Overall, more Vietnamese are becoming keen luxury consumers. Some 1.5m Vietnamese are able to afford branded luxury goods, and Vietnamese shoppers have the third-highest passion for branded goods in the world, after China and India, according to the 2017 Vietnam Market Trends in the Luxury Goods Sector report by the EU-Vietnam Business Network (EVBN).
Our tribe members – Cang Nguyen, Jess Huynh and Linh Ha Nguyen – have played a role in this growing spending as part of Vietnam’s dynamic young generation. Born just as the country began its transition to a more open economy after decades of turmoil and conflict, they have benefited from years of rapid economic growth and urban modernisation.
Unlike older Vietnamese luxurians, our tribe members largely shun ostentatious displays of wealth. For example, store owner Cang defines luxury as ‘having a certain class or style’ rather than spending money on products.