Vietnam was the seventh most optimistic country in the world although its consumer confidence index experienced a two-point decline to 107 in the second quarter of this year, according to a survey by Nielsen, a global information and measurement company.
Among six Southeast Asian countries surveyed by Nielsen, Vietnam came third, only after the Philippines, Indonesia.
“It is the fact that Vietnamese continues to be optimistic about the local economy in comparison to other nations reflects rising affluence in our country, the continued growth of middle class populations and a stable government’s economic outlook, Quynh added.
When it comes to savings, consumers in Vietnam keep the highest globally (76%), followed by Indonesia, Philippines, Malaysia & Singapore and Thailand.
Along with channeling spare cash into savings, consumers in Vietnam are also eager to spend on big ticket items.
The survey also revealed that, after covering essential living expenses, around two in five Vietnamese consumers have willing for spending 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,” Quynh said.
“Conversely, rising disposable income is driving the desire to seek out lifestyle upgrades such as vacations and buying new technology or clothes.”
The survey found that health remains a key concern for Vietnamese consumers, with nearly one third of consumers citing health as their biggest and second biggest concern over the next six months. Job security and the economy uncertainty remain second and third biggest concerns for consumer.
Political stability and crime emerge in other major worries in the country. Other items in the list include work/life balance, increasing utility bills and food prices, parents’ welfare and happiness.
“In the current context, consumers are looking to lead healthier lives. As a result, it comes as no surprise that health continues to be a top concern of consumers,” Quynh said.
“Besides, while 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 remain key concerns,” Quynh added.