On the afternoon of December 5, Tuoi Tre Newspaper in collaboration with the Department of Industry and Trade of Ho Chi Minh City organized a workshop on " Lifestyle Economy - New Growth Driver of Ho Chi Minh City".
The workshop is a highlight in the framework of the forum "Lifestyle Economy - New Growth Driver of Ho Chi Minh City" to discuss the lifestyle economy (Lifestyle Economy) - an economic model that is taking strong shape in Vietnam when consumers shift from buying to using to buy to express themselves, express style, prioritize personalization and experience...
Sharing at the event, Associate Professor. Dr. Dinh Tien Minh - Senior Lecturer, Head of Marketing - Faculty of International Business & Marketing, UEH School of Business, Ho Chi Minh City University of Economics - emphasized that Lifestyle Economics (or Lifestyle Economy) is the next step when consumers not only buy experiences but also buy products and services to shape and affirm their "identity".
Mr. Minh emphasized that the lifestyle economy is one of the potential development directions for large cities. It contributes to diversifying the economy, building urban identity, creating a positive spillover effect to economic growth and further improving the quality of life of society.
Citing data from the Global Wellness Institute, the Lifestyle economy is worth up to 6,000 billion USD in 2023 and is forecast to increase to 9,000 billion USD in 2028.
In Vietnam, it is forecasted that by 2035, half of the population will be in the middle class. At that time, this group will strongly shift from consumption to just enough to live on to consumption to affirm their lifestyle.
Also at the event, Mr. Le Tri Thong - Chairman of the Ho Chi Minh City Young Entrepreneurs Association - presented the potential theme for developing a lifestyle economy in Ho Chi Minh City and the opportunities for Vietnamese enterprises when innovating the business model in the direction of connecting emotions, identity and life experiences.
Meanwhile, Mr. Parke Sang Mo - Head of Planning - Events Department (Korean Cultural Center in Vietnam) and Mr. Ninh Trung Tan - Founder of HANITA shared on the topic "international experience in urban development according to the Lifestyle Economy model".
From the presentations and opinions of experts, lifestyle economy is considered one of the potential development directions for large cities like Ho Chi Minh City. In the context of Ho Chi Minh City aiming to become a creative and livable city by 2030, the lifestyle economy is considered a new approach to help improve the quality of life, promote creative consumption and create urban identity. In addition, with a young population, improved income and the ability to absorb rapid trends, Ho Chi Minh City is well- suited to become the Lifestyle economic center of the region.
