PNJ: The lifestyle economy has a lot of potential

The above information was stated by Mr. Le Tri Thong – Vice Chairman of the Board of Directors and General Director of PNJ at the seminar “Lifestyle Economics – New growth engine of Ho Chi Minh City”, published by the newspaper Youth coordinated with the Department of Industry and Trade of Ho Chi Minh City to organize on December 5. The program brings together representatives of departments, policymakers, economic experts, and businesses.

According to experts, the conference takes place in the context of the lifestyle economy entering a period of transformation thanks to a change in consumer behavior, from “eat well, dress warmly” to “eat well, dress well and live well”. Discussion sessions focused on clarifying the concept and potential of the lifestyle economy in Vietnam, analyzing consumption trends associated with lifestyle, and suggesting new business models.

In particular, when searching for products, consumers not only compare technical specifications or prices, but also appreciate the degree of compatibility with their lifestyle, personality and self-image. Intangible factors such as brand story, shopping space, consulting quality or after-sales service also impact the selection and evaluation of products and services.

According to Mr. Le Tri Thong’s analysis, the lifestyle economy has the clearest signs of “booming” in Ho Chi Minh City – the economic engine of the country and one of the new megacities in Southeast Asia. This is a new development direction, contributing to shaping the identity of Ho Chi Minh City, supporting the goal of becoming a creative, livable city by 2030.

Mr. Thong stated that Ho Chi Minh City converges many specific conditions such as: large population size, open cultural environment and strong spending on activities associated with lifestyle. The city gathers businesses in all industries directly related to the lifestyle economy including tourism, sports, cuisine, fashion, jewelry, art… It also has highly specialized resources in design, marketing, performance, event organization – a piece of the puzzle that promotes economic activities in the direction of promoting experience and lifestyle.

“To develop a lifestyle economy sustainably, it is necessary to shape a unique, highly identifiable identity, avoiding the situation of scattered development, lack of highlights, and overlap with major lifestyle cities in the world such as Seoul (Korea), Milan (Italy), Paris (France) or Bangkok (Thailand),” Mr. Thong said.

Also according to Mr. Thong, PNJ leaders clearly recognized the great potential from the lifestyle economy and soon adjusted their strategy to adapt to this trend. Instead of focusing on the physical characteristics of jewelry, businesses turn to creating emotional value and experience for customers. Specifically, the unit invests long-term in design capacity, brand communication, launches themed collections, and expands cooperation with domestic and foreign partners.

Through collections, the brand does not simply introduce a product, but hopes to tell a story associated with national culture and traditions, combining international aesthetic trends and modern spirit. A series of intangible values ​​are embedded in each design, contributing to creating a deep connection with customers, especially young people – a group that increasingly values ​​personality and experience.

From another perspective, Mr. Stefano Canali, President and CEO of Canali, commented that Vietnam, especially Ho Chi Minh City, is emerging as a potential market. The rapid growth of the middle class and the new generation of consumers is driving the need to seek sophistication, depth, and personalization in the shopping journey.

According to Mr. Stefano Canali, more and more Vietnamese customers favor products that honor the value of craftsmanship and the spirit of minimalism, in line with the “whispered luxury” trend – which promotes discreet, unobtrusive luxury, focusing on emotions and personal experiences rather than form. That is also the core value the brand has pursued for more than a century.

President Canali said that Ho Chi Minh City is also considered the “leader” of a business model associated with experience and lifestyle. The appearance of “branded” real estate projects, concerts, and a series of large-scale cultural and entertainment events shows that consumer demand goes beyond simple shopping, towards a comprehensive experience between emotions, space, and community. Most recently, Canali announced its entry into the market by cooperating with PNJ, targeting elite customers.

Looking into the long term, experts predict the lifestyle economy will continue to expand as people prioritize spiritual values, in addition to material needs. At the same time, the development of technology, social networks and personalization trends are creating conditions for businesses to design many new business models, turning shopping into an emotional journey.