JSFiddle - React, Tailwind, and code Playground

HTML

<div id="app">
  <editable-content initial="Initial value" placeholder="Placeholder" />
</div>

JavaScript

Vue.component('editable-content', {
  props: {
    initial: {
      type: String
    },
    placeholder: {
      type: String,
      required: false
    }
  },
  data() {
    return {
      value: this.initial,
      isEmpty: this.initial === ''
    }
  },
  render: function(createElement) {
    const self = this
    return createElement(
      'div', {
        attrs: {
          contenteditable: true
        },
        on: {
          input: function(event) {
            self.value = event.target.innerHTML
            self.$emit('edited', event.target.value)
          }
        }
      },
      this.isEmpty ? this.placeholder : this.value
    )
  },
  watch: {
    value(to, from) {
      this.isEmpty = to === ''
    }
  }
})

new Vue({
  el: '#app',
  components: [
    'editable-content'
  ]
})