Vietnamese consumer confidence index remained stably optimistic at high level in the three months through September, enabling Vietnam to retain the seventh position among the most optimistic country across the globe, according to the latest Consumer Confidence Index released by Nielsen
In Southeast Asia, Vietnam came after the Philippines, Indonesia and Thailand in terms of consumer confidence, according to the report.
“Vietnam consumer confidence index continues to maintain at a high level despite a moderate market growth and market’s volatility.
What we are seeing here is not reflected in the performance of the market but rather the future hopes and sentiments of the Vietnamese consumers, reflecting the continued growth of middle class populations and a stable government’s economic outlook,” said Nguyen Huong Quynh, managing director of Nielsen Vietnam.
In the quarter, job security leads Vietnamese consumers’ list of top key concerns. Health and work/life balance are the other key concerns for Vietnamese consumers. Surprisingly, parents’ welfare and happiness emerges as one of the top major concerns of Vietnamese consumers this time.
“In the current context, consumers continue to be upbeat about their future; financial security remains one of their top priorities. Both job security and economic outlook have a direct impact on consumers’ degree of financial security, and hence lead the top key concerns,” emphasized Quynh.
The information and measurement company noted that Vietnamese are the world’s most active savers, with 78% of respondents putting their spare cash into savings. The global average of consumers putting spare cash into savings is 52%.
Source: Nielsen Global Survey Consumer Confidence Report Q3 2016
Along with channeling spare cash into savings, consumers in Vietnam are also eager to spend on big ticket items to increase the quality of life. After covering essential living expenses, around two in five Vietnamese consumers are willing to spend on big ticket items such as holidays and vacations, new clothes, and out-of-home entertainment.
“Vietnamese consumers are known for prioritizing saving over spending, and it is this mentality which influences their careful spending patterns, especially for basic commodities,” said Quynh.
“Conversely, rising disposable income is driving the desire to seek out lifestyle upgrades such as vacations and buying new technology or clothes,” she added.