We are back with our Q2.2025 consumer watch. This quarter, consumer demand seems to be impacted. Brands attribute the impact largely to new tariff and tax policies, which have created divergent performances across categories. Here are some highlights:
🥛 Consumer Staples
– Dairy remains resilient: Vinamilk returned to modest growth (+0.5%) and historic revenue highs, while IDP grew strongly (+9.5% YoY) but faced margin pressure from higher selling expenses.
– Masan Consumer saw revenue fall (-15% YoY) as GT channel was disrupted by the new household business tax.
– Modern Trade benefited from tighter controls on counterfeit and untraceable products, supporting growth at WinCommerce (+16%) and Bach Hoa Xanh (+34%).
🍺 Consumer Discretionary
– The beer industry remained under pressure from the household business tax and upcoming SCT hike to 90% by 2030. Competition is fierce: Heineken outperformed with strong growth across both premium and mass portfolios
– Discretionary retailers (electronics and jewelry) achieved growth despite weak demand by focusing on high-growth categories and smart marketing campaigns
📊 Take a look at our full analysis in the slider below ⬇️⬇️⬇️
