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Vietnam Today

Vietnam again fifth in consumer confidence in Q3 2017

Released at: 19:17, 11/01/2018

Vietnam again fifth in consumer confidence in Q3 2017

Photo: Viet Tuan (VET)

Vietnam remained fifth most-optimistic country globally in the third quarter of last year, Nielsen reports.

by Hong Nhung

Consumer confidence in Vietnam stood at 116 in the third quarter of 2017, down 1 point from the second quarter, seeing it remain the fifth most-optimistic country globally, after India, the Philippines, Indonesia, and the US, according to the latest Consumer Confidence Index from market researchers Nielsen.

“Overall, consumer confidence in the Southeast Asian region strengthened modestly,” said Ms. Nguyen Huong Quynh, Managing Director of Nielsen Vietnam. “In Vietnam, our consumers are optimistic, maintaining confidence throughout 2017. This consistent trend is enhanced by consumers’ optimistic perception of their personal finances and immediate spending intentions, and may be also buoyed by the good momentum in GDP growth in the first nine months of the year, with surging inflows of foreign investment, growth in household income, and a falling unemployment rate.”

“Many respondents in Vietnam said they expected their personal finances to be good or excellent in the coming year and expressed optimism about job prospects,” Ms. Quynh went on. “These perceptions are reflected in the overall trend towards high confidence observed over past years. Reasons may be related to the fact that Vietnam is a country where young consumers share a view of hope for better living conditions, higher incomes, better education for their children, and expectations of improvements in the next year.”

Saving continues to be an integral part of Southeast Asian consumers habits, with more than three in five respondents (67 per cent) putting their spare cash into savings. “Consumers in Vietnam are certainly consistent in their desire to build a nest egg for the future, and quarter after quarter we observe this trend,” Ms. Quynh said. “So, saving is a way of life for a majority of Vietnamese consumers because of this ingrained desire. However, they are also more willing to open their wallets for discretionary spending on holidays, recreational activities, upgrading technological gadgets, making home improvements, and so forth, in order to reflect their eagerness to have a better life.”

“It is understandable that consumers want to secure their position at the workplace, as working is the only way to make all their desire becomes a reality,” said Ms. Quynh. “Also, in the current context, when being bombarded with a great deal of information on the internet and media about food safety and quality, leading a healthier life becomes a top-of-mind mandate for all consumers so that they can have greater longevity.” 

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