Despite falling 1 point to 115 points compared to the previous quarter, consumer confidence in Vietnam closed 2017 on a high note, helping the country again be ranked as the seventh most optimistic in the world, according to the latest issue of The Conference Board Global Consumer Confidence Survey, conducted in collaboration with Nielsen.
Consistent with many past quarters, after covering essential living expenses, Vietnamese consumers were eager to spend on big ticket items to enhance quality of life. Nearly half of consumers were willing to spend their spare cash on buying new clothes (49%) and to take holidays (44%). Around two in five spent on new technology products (40%), out-of-home entertainment (41%), and home improvements (42%).
“Emerging markets like those in Southeast Asia have been noticed as an important region for long-term growth in consumer-facing businesses for quite some time now,” said Ms. Nguyen Huong Quynh, Managing Director of Nielsen Vietnam. “This is likely due to the many advantages the group can bring, such as young and fast-growing populations coupled with rapid and consistent economic growth. And high levels of consumer confidence could be one of these advantages too.”
However, Vietnamese consumers still had a strong affinity for saving. Close to three-quarters (72%) put their spare cash into savings (compared to 66% in the previous quarter). The report also revealed that saving was an integral part of Southeast Asian consumers, with 66% of respondents putting their spare cash into savings.
In this quarter, the top five concerns among Vietnamese consumers remained the same as in the previous quarter. Job security continued to top the list (46%), followed by health (40%), work/life balance (27%), the economy (21%) and their parents’ welfare and happiness (19%).
Confidence scores in 2017 were consistently high in Southeast Asia region, with three out of six countries recording the highest confidence score in the world: the Philippines, Indonesia and Vietnam.