Lifestyle economy: Ho Chi Minh City’s new ‘gold mine’

The lifestyle economy refers to the part of the economy where the choice of work is driven partly or wholly by a worker’s desire for enjoyment rather than remuneration, according to the Center for Economics and Business Research, an economic consultancy based in London, United Kingdom.

It also means an economy shaped by people’s lifestyle choices rather than just their basic needs.

The lifestyle economy presents a major opportunity for sustainable development and global integration.

After the new Ho Chi Minh City was formed by merging the old city with Binh Duong and Ba Ria-Vung Tau Provinces in early July, the new city’s GRDP is estimated at VND2.7 quadrillion (US$102.5 billion), positioning it as Vietnam’s first true megacity with economic power comparable to mid-sized ASEAN economies.

Local firms in technology, tourism, fashion, beauty, and sports are embracing the lifestyle economy-driven trend, offering increasingly diverse and creative experiences.

This mirrors the strategies of major global cities, including Tokyo, which blends traditional culture with modern technology, Seoul leveraging K-pop, beauty and digital retail, Bangkok with a focus on tapping a vibrant night-time economy, and Singapore, which integrates lifestyle concepts into urban planning through green spaces and personalized experiences.

Malaysia is also pursuing a lifestyle-driven growth model.

Under the ‘Visit Malaysia 2026’ campaign, the government is promoting wellness tourism, luxury travel, gastronomy, and the ‘bleisure’ trend – blending business and leisure.

With a budget of 700 million ringgit ($169 million), the country aims to attract 47 million visitors and generate 329 billion ringgit ($80 billion) in revenue.

Visitor Ai Nhu experienced the GMBB Mall in Kuala Lumpur, known for its cashier-free, contactless shopping environment.

Shoppers scan QR codes to browse, pay, and receive products at home.

This tech-driven model, she said, is something Ho Chi Minh City could learn from.

Cities that blend cultural richness, novelty, and technology are becoming magnets for curious travelers willing to spend more – a powerful lesson for Ho Chi Minh City’s lifestyle economy growth journey.

Le Ngoc Mai, CEO at Unios Vietnam, said that even basic products like light bulbs are being transformed by lifestyle trends.

Once viewed as simple consumables, they are now designed to be aesthetic, mood-enhancing, and energy-rejuvenating – factors especially valued by younger consumers.

This shift shows that even small household items can contribute to lifestyle-driven economic growth.

Lifestyle experiences for the many, not the few

Thi Anh Dao, chief marketing officer at Masterise Group, told Tuoi Tre (Youth) newspaper that experiential products currently boasts the fastest compound annual growth rate.

Young consumers have shown a 19-percent increase in lifestyle-driven spending over the past year.

Their priorities are local identity and green urban spaces, which are followed by technology, functionality, and social connection.

As incomes rise in major cities like Ho Chi Minh City, experts argue that high-quality living should not be reserved for the ultra-rich.

Today’s premium offerings blend design, service, and accessibility, bringing international-standard experiences to a wider population.

Experiences as new currency

At a luxury apartment complex in downtown Ho Chi Minh City, Hai Binh and his team meticulously prepared a lavish, flower-filled event.

As guests entered, they were greeted with green tech displays, smooth jazz, gourmet dishes crafted by renowned chefs, and an atmosphere designed to convey a refined, modern lifestyle.

“These parties or workshops are the bridge to selling branded real estate,” Binh revealed.

In recent months, he and his partners have created spaces where potential buyers can learn to craft perfumes or enjoy tea ceremonies with artisans – soft approaches that allow clients to fully absorb the lifestyle attached to high-end properties.

Each event can cost from hundreds of millions to several billion Vietnamese dong.

Yet these investments make sense when each branded residence is priced atVND20-70 billion ($758,850-2.7 million).

Buyers, with many from families that have recently built strong financial foundations, are increasingly seeking premium lifestyle experiences rather than hard-sell transactions.

Even younger clients often bring children and parents to enjoy these immersive activities.

Real estate experts agree that the market is shifting.

High-quality living environments are becoming a new benchmark, replacing outdated metrics such as pure size or physical features.

The trend is clear: buyers are moving from acquiring assets to acquiring elevated living experiences.

Mauro Gasparotti, senior director of Savills Hotels Southeast Asia, noted that demand for luxury residences is rising as affluent consumers prioritize experiential living.

With Vietnam’s long coastline, rapid urbanization, and relatively accessible luxury property prices, the market could see significant growth.

Globally, around 700 branded residence projects are already in operation, with 800 more under development, an unprecedented surge.

Their appeal lies in international-standard design, premium services, and stable asset value, aligning perfectly with consumers’ growing appetite for high-quality experiences.