Vietnamese consumers rank second in Asia Pacific in traveling for concerts: Visa data shows 3 trends for 2024
Visa, a world leader in digital payments, has released its latest Green Shoots Radar study1, a quarterly report tracking consumer sentiments across financial services, commerce, travel, and other categories. The latest data showed that Vietnamese respondents rank second in Asia Pacific (41%) when it comes to attending concerts over the past 12 months, both locally or overseas, compared to their Indian (45%) and Indonesian (40%) counterparts.
Interestingly, among Vietnamese respondents who have travelled overseas to attend a music concert, 40% of them planned a trip specifically to attend this event. Thailand and South Korea emerged as the top destinations for these concert-goers.
The study outlines three key trends for 2024:
Trend 1: Consumers will continue to travel locally and abroad to attend live music concerts in 2024
The post-pandemic period has seen a resurgence in in-person live events, with people increasingly travelling to attend them. This trend is expected to persist in 2024, driven by popular acts like Coldplay and Taylor Swift performing in the region. Live music concerts are the most popular event type, followed by theatre/music shows and sporting events.
Trend 2: Consumer sentiment will remain positive in Vietnam
4 in 10 consumers in Asia Pacific believe domestic outlook in their markets will improve in a year. Vietnamese consumers remain positive with a 75% positive outlook, compared to consumers in Indonesia (64%) and the Philippines (50%). Nearly half (47%) of consumers surveyed in the region believe now is a good time to buy big household items such as furniture, household appliances and electronic gadgets, with Vietnam slightly ahead at 59%.
Buying a new car is the most common personal life event experienced across most markets in Asia Pacific, with 16% of Vietnamese consumers surveyed reporting so. Consumers surveyed also intend to spend more in the region in the next year, with half of Asia Pacific respondents planning to spend more, with those in Vietnam ranking higher than the regional average at 55%.
Trend 3: Consumers will increase their personal savings
Despite intending to spend more, many consumers surveyed are also setting aside more for savings. In Vietnam, 43% of respondents (higher than the Asia Pacific regional average of 36%) expect to put more effort in personal savings and to save between 10-29% of their monthly income.
Ms. Dung Dang, Visa Country Manager for Vietnam and Laos, said: “The resurgence in travel and notably for live music events is a positive trend. Cards play a vital role in the consumer cross-border journey, providing a safe and secure way to purchase tickets with a seamless contactless payment experience. Consumers can also buy event merchandise, and support their travel and shopping needs with cards. At Visa, our purpose to uplift everyone, everyone and we seek to remain salient in consumers’ lives – journeying with them through different life stages and events with relevant products and solutions.”
1 The Green Shoots Radar study is conducted quarterly by Visa to keep track of consumer sentiments across financial services, commerce, travel, and other categories. The total sample size is 8,400 across 14 Asia Pacific countries including Vietnam, with male and female respondents aged 18-65 years old.
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions, and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable, and secure payments network, enabling individuals, businesses, and economies to thrive. We believe economies that include everyone uplifts everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.