Vietnamese spend USD354m on snacks

Vietnamese people spend USD354m on snacks in 2017, according to the market research company Statista. USD354m spent on snacks in 2017 Statista carried out the research over the consumption of potato, corn and other starch-based snacks, nuts and mixed nuts. 58% of the revenue is from starch-based snacks while crisps only accounted for 6%. Sales will continue to increase. Snack food industry growth has already slowed compared to the 2011-2015 period. It is predicted that the growth rate in 2018 will be around 5.5% and unlikely reach to double digits However, it is still a huge number. The total revenue in 2021 is estimated to be USD455m. Crisps from Thailand and South Korea were being sold for VND100,000 (USD4.40) to VND140,000 a packet. According to the market research company Decision Lab in Vietnam, people who were born in 1995 and younger spend USD573m to eat out each month. 25% spent time at fast-food restaurants, 18% ate at street food restaurants and 17% used convenience stores. Nguyen Duc Tuan from the Children Psychology and Psychosis Research Centre in Hanoi claimed that children were given too much pocket money and didn’t know how to manage it properly yet. “In other countries, with the average monthly wage of USD20,000, children are given USD50 of pocket money. Meanwhile, the average monthly wage in Vietnam is USD2,000 but children receive USD50,” he said.

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