Let’s talk with Happio’s CLMV Gen Y Staff on Business and Consumer Trends / Insights
Gen Z and Gen Y (Or Millennials) combined, are the biggest consumer group in the world. Even though both generations are different, one thing they have in common is that they are a part of the digital revolution. Today, people are spending more money online, which has shifted business emphasis to digital sources of revenue and digital channels. The growth of the digital economy has made people more familiar with digital products and services, which has driven companies to seek new competitive advantages in the digital space. The faster the world grows, the more important the role of Gen Y takes place because Gen Y can understand and connect to both GenY and Gen Z.
Let’s dig deeper to Gen Y of the CLMV Countries
If you are planning to expand your business to the CLMV countries, it is definitely important to get to know the strategic consumer group there. So today, we will share with you the business and consumer view of our CLMV Gen Y staff. Let’s get started!
Cambodia
Radonin Chea, Khmer Content Writer
“My name is Radonin Chea. I’m 28 years old. I’m currently working as a content writer at Happio. I came from Phnom Penh.”
Could you share with us what you and people in your generation spend money on the most, apart from necessity?
Radonin: Besides necessity, I mostly spend money on home appliances. Some of my friends spend money on dining out during the holiday or weekend. Some spend it on buying cosmetics and skincare online from Korea.
Which brand do you mostly purchase from?
Radonin: I like to buy products from Electrolux and LG. My friends would like to buy cosmetics and skincare from brands like Laneige, klairs, SK ll, Dr.Jart, Innisfree, Thefaceshop and so on.
What makes you like those brands? And what usually makes Gen Y in your country choose a brand?
Radonin: I like those brands because they have reasonable prices, good quality, and I can afford it. For other Gen Y people, I think they also think about the quality the most and then the price. For skincare, they would like to buy Korean products because they believe that Koreans only use natural and harsh-free ingredients that are not commonly used by other countries and it creates clear, glowy, and natural-looking skin.
What is your opinion on business in Cambodia? Is there anything you think it needs to be improved?
Radonin: In my opinion, Cambodia is attractive for business because Cambodia is one of the fastest growing economies,and it is strategically located in the heart of Southeast Asia and shares borders with Thailand, Laos and Vietnam. The key that makes us play an important role in the world’s market is that it is a popular low-cost manufacturing base with significant demand for its product in other Asian countries. By the way, the business environment is required to be improved to help create a vibrant economy, which will boost prospects for many Cambodians and lift them out of poverty.
Which value or social movement that your generation in your country is focusing on the most right now? We think it would be useful for brands to know and project their voice to fit that value.
Radonin: Most people are focusing on the freedom of speech, as the human rights watch stated that authorities continue to ban or disperse most public demonstrations, politicians and journalists.
Laos
Souphaxay Khammanivong, Lao Content Writer
“My name is Souphaxay Khammanivong or simply call me Dodo. I’m a field of humanity graduate from Vistula University in Poland. I am now 23 years old and have been working as a Marketing Communication Executive at Crowne Plaza Vientiane, an IHG hotel. I’m also a part-time content writer at Happio.”
Could you share with us what you and people in your generation spend money on the most, apart from necessity?
Dodo: Talking of my money habits, apart from spending money on everyday necessities such as food, tax, car fuel, insurance, etc., I also spend some of them on clothing items that are well suited to my look and character. While I tend to find much favour with clothing items, some of my friends are interested in different things that particularly include electronic products, makeup kits, perfumes, travel and leisure experiences. Yet, for the most outstanding point regarding the money habits that might remain the same between my friends and me, it must be the fact that we mostly purchase those items via online channels and platforms.
Which brand do you mostly purchase from?
Dodo: Nevertheless, branding still plays an essential role for many people in their decision-making before purchasing something in terms of quality and reliability. So do I. When looking for new clothes, the product branding is always what I have at first realized. The clothing brand I favour a lot includes Uniqlo, H&M, Zara and Her Works respectively.
What makes you like those brands? And what usually makes Gen Y in your country choose a brand?
Dodo: For the reason why the brands above are my first preferred choices, they offer high quality clothes at an affordable price that I will rarely be able to find from other brands, simply unique designs that even make me feel on-trend, good online shopping experience that always displays clear details of products to help me with ease for selecting products, last but not least, the sustainability.
Mentioning sustainability, it has been a key topic in business for the last decade and is now quickly becoming a must-have hygiene factor for companies that aim to resonate with and win the loyalty of their global customers. Therefore, many Gen Y people in my country make their purchasing decisions based on this element more or less. They will usually take it as first to consider whether a brand meets their values and works to secure a long-term brand-consumer relationship or not.
What is your opinion on business in Laos? Is there anything you think it needs to be improved?
Dodo: Laos is an unexplored market by multinationals. The first large investment that recently settled in Laos occurred in the last few years for example by Toyota, PTT, Kubota, Unilever and Coca-Cola, General Electric, etc. With this, it might be said that Laos is still a country where investors will not find much competition, particularly by major multinationals. Nonetheless, for Laos to step into a more attractive country in terms of smooth business investment, domestic transportation is highly required to be improved.
Which value or social movement that your generation in your country is focusing on the most right now?
Dodo: As per this question, it could be perceived that the people from my generation in Laos now value domestic tourism as one of the most important social movements. Due to travel restrictions implemented in response to today’s outbreaks, the number of foreign tourists dropped sharply. This has prompted a preference for domestic tourism, which has recovered more quickly than incoming tourism, especially Gen Y people who are looking for some nice vacation to replace their fatigue after a long week of work.
Myanmar
Khaing Zin Win, Burmese Content Writer
“This is Khaing Zin Win from Myanmar. I’m 26 years of age and currently working as a content writer at Happio. I’m an easy going person and happy to learn new things.”
Could you share with us what you and people in your generation spend money on the most, apart from necessity?
Khaing Zin: I mostly spend money on buying branded items like bags and shoes. I think some of my friends like to spend money on buying skin care products, some mostly spend on fashion products and so on.
Which brand do you mostly purchase from?
Khaing Zin: Brands make people addicted because they have satisfied quality according to their prices. For me, I like to use Tory Burch, Kate Spade, Furla, Jimmy Choo, Nike, Charles & Keith, and some street fashion brands like Zara.
What makes you like those brands? And what usually makes Gen Y in your country choose a brand?
Khaing Zin: I just like to use those brands. I think most of the Gen Y in my country choose the brand according to the trend because most of them like to use it when others are using that brand. If brand marketing is so popular on Facebook, most people start buying that brand.
What is your opinion on business in Myanmar? Is there anything you think it needs to be improved?
Khaing Zin: As everyone knows, Myanmar is now under a military coup. So all the business in Myanmar went down and some of the International Companies left the country. The banking systems are not easy to use like before a military coup. The true impacts of the economy are inflation, money depreciation, lack of foreign currency and investments. If there is no military coup, Myanmar is improving very fast in media and digital marketing fields. The main digital marketing platform in Myanmar is Facebook, as 39.1% of the population in Myanmar are using Facebook. I think when the country’s situation is getting better, the digital marketing field will succeed among other businesses. Although Myanmar will need wider internet access to improve in the digital marketing field. The transportation also needs to be improved for the tourism business in Myanmar as Myanmar has many natural resources and sightseeing’s to attract tourists.
Which value or social movement that your generation in your country is focusing on the most right now?
Khaing Zin: People started doing the Spring Revolution movement after the military coup till today. Young people mainly participated in this movement both online and offline. We are also facing the civil war in the country and as a result of this, logistic business is obviously down. There are many check points all over the country so the logistic business cannot go smoothly as usual.
Vietnam
Le Hau, Vietnamese Social Media Admin
“My name is Le Hau, you can call me Dennis. I’m 26 years old. I am working in the media and communication industry, I am also a university instructor, and working as a part-time social media admin at Happio.”
Could you share with us what you and people in your generation spend money on the most, apart from necessity?
Dennis: In addition to the necessities, I frequently spend the money on clothes, shoes, functional meals, skincare and cosmetics. Same as me, my buddies will spend money and effort taking care of themselves. I see that they also spend a lot of money on cosmetics and clothes. Some are for short-term courses, such as English. Those that are married will spend money on their children, such as milk, diapers, toys, and so on.
Which brand do you mostly purchase from?
Dennis: For clothes, self-designed, self-made, local brand. For shoes, Fila, Adidas, Nike, local brand. For cosmetics, Laroche – Posay, Maybelline, Vichy, Timeless, Lancome.
What makes you like those brands? And what usually makes Gen Y in your country choose a brand?
Dennis: Those brands appeal to me because they provide acceptable quality at a reasonable price. And I think most Gen Y in my country would choose brands that are affordable and trendy.
What is your opinion on business in Vietnam? Is there anything you think it needs to be improved?
Dennis: The unregulated market blends genuine and counterfeit items, making it impossible for consumers to distinguish. Sellers of counterfeit goods should be prohibited.
Which value or social movement that your generation in your country is focusing on the most right now?
Dennis: CEO of Dai Nam Group Nguyen Phuong Hang’s Livestream demands artists to publicize bank statements, make speeches, and publicly reveal money to support residents in central Vietnam during the 2021 flood season.
We hope these information and thoughts from our staffs would help you understand Gen Y of CLMV better. Not only their lifestyle and consumption habits, but also their views on social issues can be useful for brands, in order to consider how to express a brand’s voice, as this matter is very important for Gen Y and younger generations.
If you would like to dig deeper into CLMV business and consumer views, feel free to contact us and let us know your brand’s specific needs. Our CLMV team is here to help researching, creating marketing strategies, crafting content and so on!
Reference:
https://www.entrepreneur.com/article/289574
https://business.nab.com.au/how-generation-y-can-benefit-your-business-8943/
https://talentor.com/blog/generation-y-in-workplace
https://societyinsurance.com/blog/finding-employees-5-interview-questions-for-millennials-gen-z/