Vietnamese Consumers No Longer the Most Avid Savers Globally: Nielsen

Minh Anh

22:26 23/08/2017

BizLIVE - Vietnam’s consumer confidence index reached a 5-year peak in Q2/2017.

Vietnamese Consumers No Longer the Most Avid Savers Globally: Nielsen

Vietnamese consumers have lost the "No. 1 saver" title globally.

Consumers in Vietnam are no longer the most avid savers globally compared to last year, Nielsen, a global information and measurement company, said in its latest Consumer Confidence Index released Wednesday.
The study revealed that 63% Vietnamese put their spare cash into savings, compared to 76% in the previous quarter, after Thailand (69%), Singapore and Indonesia (66%).
Along with channeling spare cash into savings, consumers in Vietnam continued to spend more on big-ticket items. After covering essential living expenses, around one third of Vietnamese consumers were willing to spend on major items such as holidays and vacations, new clothes, new technology products, home improvements and out of home entertainment.
Notably, for the first time ever, the report showed that 23% Vietnamese consumers paid medical insurance premiums.
“Vietnamese consumers’ lifestyle is evolving fast and consumers are more willing to spend on big items to upgrade their living. This reflects their strong desire for a better life,” said Nguyen Huong Quynh, managing director of Nielsen Vietnam.
The survey also found out that Vietnamese consumer confidence touched a five-year high of 117 in the second quarter this year, up five points from Q4/2016. The score helped Vietnam become the fifth most optimistic country globally.
In contrast to the volatility of FMCG market in the first half of the year, the Vietnamese consumer sentiment is getting better. This upsurge is due to consumers' optimistic perception of personal finance and immediate spending intention, Quynh said.
In this quarter, top 5 concerns of Vietnamese consumers remained the same as the last quarter of 2016. Job security continued to top the list of Vietnamese consumers’ key concerns. The next key concerns were health, work/life balance, the economy, and the parents’ welfare and happiness.
“It is not a surprise that in the current context, consumers are looking for healthier lives or even the total wellness. Thus, this trend proposes both manufactures and retailers the opportunities to innovate and develop the next generation of offerings,” Quynh noted.

MINH ANH

Từ khóa: Nielsen, Vietnam

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