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Market Research on Beauty Industry in Vietnam

An insight about beauty market in Vietnam

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Market Research on Beauty Industry in Vietnam

  1. 1. September, 2017 Market research on beauty and cosmetics retail market in Vietnam
  2. 2. Summary The beauty and cosmetics retail market in Vietnam has been estimated to be worth US$1.7 billion annually, a figure that will likely reach US $2.35 billion by 2018, according to market research company Mintel. Though the market is relatively small, growth in most beauty and personal care categories is expected to continue to expand over the next decade as per capita spending rises commensurate with the upward trend in GDP per person per year and the country moves into the middle-income ranks. We see an opportunity for revenue growth in opening a beauty academy and chain of cosmetic store in Vietnam Customer is ready to spend big budget for cosmetic and beauty salon Raising demand of beauty industry Young and high budget customer who willing to pay for high quality product
  3. 3. Market Opportunity: Revenue potential The beauty and cosmetics retail market in Vietnam has been estimated to be worth US$1.7 billion annually, a figure that will likely reach US $2.35 billion by 2018 Middle class spending on the rise with high demand for cosmetic and beauty industry in Vietnam Foreign sector dominate with 90% market share belong to international brands and only 10% from domestic brands
  4. 4. Market Opportunity: High demand  The research of Q&Me shows that there is 44% of Vietnamese women usually wearing makeup in which 24% women wear makeup every day, 44% women wear makeup once a week.  Using Korean cosmetic and make up like Korean movie star is among the most affluent lifestyle for young people in Vietnam  High population with young and active generation make Vietnam a very potential market Vietnam committed to cut tariffs on 200 products imported from the Republic of Korea (RoK), including cosmetics. Analysts predicted that from 2017-2018, when the import tariff is cut to 20%, RoK cosmetics would be even more commonly used in Vietnamese beauty industry.
  5. 5. Target Customer for cosmetic retail Psychographic Geographic Behavior Social graphic Demographic Target Customer - Women: from 15 to 55 - Middle class with high spending income - High school, students, woman working in office that need outlook - Actor, actress, singers or people who work in entertainment industry -Like Korean style - Young teenager who want to follow the trend - Demand for high quality products - Living in the city - Urban area (Hanoi and HCM city) - Woman who drive car or walk like to wear make up rather than who drive motorbike - Vain and care about outlook - Beauty obsession - In love - Start to get old and want to look younger
  6. 6. Target Customer for beauty academy Need to train for staff and import more technology from Korean Very high demand in Vietnam with beautify and make up service for the bride or for people who want to take pictures In Vietnam have very few university, colleague or training center that open courses on beautify training Spa and beauty salon Bridal service and wedding dress Vocational training center Open class in office Open class to teach make up and skincare for women who work in office
  7. 7. Key success factor Good product and service Competitive price Easy to use Easy to reach Location! High quality cosmetic and useful training program Even thought people start to care for more quality but price always the key for any purchasing decision Easy to find what customer want, Service that customer can reach by various method is a winner Find the right location to open stores or academy is the most important KSF Customer retention New Customer Key success factor
  8. 8. Competitive analysis  Conclusion There is room for cosmetic and beautify training service to grow as increasing of market demand and low barrier from other external force Entrance Barrier => Low  VN and RoK sign Free Trade Agreement included cosmetic  Open policy from government and high demand of customers  Need experience team to maintain and monitoring Supplier  Low barrier for cosmetic supplier  Imported tax reduce 20%  International brands are dominated with 90% market share Substitute  High and competitive market Various sources of cosmetic and beatify course selling, both online and offline for customer Buyer  High demanding for cosmetic and make up training  However, spending for products and service in beauty industry still low Industry rival  High competition market  Many new brands occurs, include private brands
  9. 9. Competitors analysis Current beauty academy in Vietnam Seoul Spa Address: No. 5 Bau Cat 6, Ward 14, Tan Binh District, Ho Chi Minh City Website: www.seoulspa.vn Seoul spa is designed and built based on Korean spa style. Center for training spa services with good quality and stability through each generation of students. Post-graduate students at the center have skills in spa management, skin care skills, basic spa skills to advanced. When enrolled in the Seoul spa, students will be provided with free access to a Korean spa curriculum. Students not only learn theory but will practice for customers of the center so your professional skills will be significantly improved after the course. Each course at the center has an average tuition fee of around 10,000,000 VND for the entire course content, which is the average tuition fee for all spa training centers. Beaulus Cosmetology Training Center Address: 725 Le Hong Phong, Ward 12, District 10, Ho Chi Minh City Website: www.truongthammybeaulus.vn Beaulus Beauty Training Center is the leading spa training school in Vietnam today. Teachers at the school are trained in specialized countries in Korea, Europe, America, ... with high level and professional. Beaulus Beauty Training Center offers a wide range of courses from basic to advanced and tuition fees range from 2,000,000 VND to 3,000,000 VND. Deep specialist courses are contacted for quotes and advice.
  10. 10. Competitors analysis Current beauty academy in Vietnam Viet Beauty Viet Beauty is an international spa training center in Hanoi, with years of experience in beauty care and trainee training. When students take the course, they will be trained by leading experts in the field of aesthetics in Asia and Europe. During the course, participants will be trained from basic to advanced, supervised carefully when practicing and will be practiced with regular skin care for their clients. Address: số 53, ngõ 73, Nguyễn Trãi, Hà Nội. Placen care Placen care is one of the most prestigious spa training centers in Hanoi and has trained many hardworking and skilled trainees. During the course, students will be able to work with top doctors and experts in Vietnam. Address: số 37 Ngô Thì Nhậm, Hai Bà Trưng, Hà Nội.
  11. 11. Competitors analysis Current beauty academy in Vietnam Hand Viet Hand Viet is one of the earliest aesthetic training centers in Hanoi. Right from the moment of his birth, he received a lot of practitioners' beliefs. With the great advantage of reasonable price, training certificate of the General Department of Vocational Training (or national standards) and experience a lot of practical Address: Alley 33, house number 14, Ta Quang Buu, Bach Khoa, Hanoi. Bich Nguyet Bich Nguyet is one of the leading spa training providers in Hanoi. With many years of experience, students here will be trained in accordance with international standards, the duration of the course is practiced will occupy a greater amount of time than the theory and especially after good Businesses will be supported to maximize employment for trainees. Address: 1A, Thai Phien, Hai Ba Trung, Hanoi.
  12. 12. Competitors analysis Current beauty academy in Vietnam Cali Center for Beauty Training Address: 167 Vo Van Tan, Ward 5, District 3, Ho Chi Minh City Website: www.daotaothammy.com Cali Beauty Training Center is a professional spa training center for learners. After graduation will receive a national practice. Equipped with state-of-the-art technology and equipment, trainees can study and practice real, combined with real-life theory that will cultivate the fast learner experience. Trainees are well trained in terms of professionalism, no extra fees, no boarding fees and special employment support after graduation. Trainees are trained 3 continuous courses from basic to advanced: basic skin care, professional facial skin care, advanced facial care. New Beauty Address: 51A Phan Dang Luu Street, Ward 7, Phu Nhuan District, Ho Chi Minh City Website: www.newschoolsaigon.com New Beauty School is considered a professional spa training center with experienced teaching staff. Students studying at the center will be sponsored all the cosmetics used in the course of study, exposure and use of modern technology. After graduating from the center you can use the practice certificate throughout the country. The Center offers a variety of courses and content. Tuition fees range from 2.500.000 VND to 6.000.000 VND.
  13. 13. CONCLUSION Vietnam is a very potential market High competition with local beauty academy Low trade barrier and have support from government Find the right target customers in the market High population with big proportion of teenager and young woman have favorite to use Korean product Vietnam have many beauty academy opened but mostly from local brands, few from Korean and US. Hochiminh City is more competitive than Hanoi Launch the first beauty academy and cosmetic store to test the market before opening a chain Start to do business plan and prepare for the launch FTA and reduction of import tax is the key competitive advantage to enter beauty industry in Vietnam Find the right location, target right customers at the right time is crucial important