Vietnam seventh most optimistic country in 2017’s Q4

Created 02 April 2018
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HCMC – Vietnam was the seventh most optimistic country in the world in the final quarter of 2017, according to the latest issue of The Conference Board Global Consumer Confidence Survey.

The quarter-four survey shows that confidence scores in 2017 were consistently high in the Southeast Asian region with three out of six countries reaching the highest confidence score in the world – the Philippines, Indonesia and Vietnam, said a Nielsen report.

Despite decreasing one point to 115 points compared to the previous quarter, Vietnamese consumer confidence finished 2017 on a high note, helping Vietnam continue to be ranked as the seventh most optimistic country in the world.

“Overall, we continue to see a stably high confidence level among Vietnamese consumers throughout 2017. The good momentum of economic growth across industries combining with the positive signals of foreign investment flows, increasing household income and growth oriented government policies could translate into optimism of our consumers,” said Nguyen Huong Quynh, managing director at Nielsen Vietnam.

Quynh added the consistent trend could be influenced by the build-up of and positive sentiment towards the personal finance status, as well as immediate spending intentions during the past years.

The report indicated positive confidence indicators of Vietnamese consumers. Specifically, more than two in three (69%) of Vietnamese respondents believe their job prospects will be good or excellent in the next year.

Over two in three (71%) believe the state of their personal finances will be good or excellent in the next year. Besides, around half of respondents (51%) said the next 12 months are a good or excellent time to buy things they want and need.

Vietnamese consumers are willing to spend more but they tend to build their nest egg, according to the report. Consistently in many past quarters, after having covered essential living expenses, Vietnamese consumers were eager to spend on big ticket items to enhance the quality of life.

In particular, nearly half of consumers were willing to spend their spare cash buying new clothes (49%) and taking holidays (44%). Besides, around two in five spent on new technology products (40%), out of home entertainment (41%) and home improvements (42%).

However, Vietnamese consumers still had a strong affinity for saving. Close to three fourths (72%) would put their spare cash into savings, compared to 66% in the previous quarter.

The report also said that having a stable job and good health remained the top concerns of Vietnamese consumers.

In quarter four, the top five concerns of the Vietnamese consumers remained the same as in the previous quarter. Job security continued to top the list of Vietnamese consumers’ key concerns (46%).

The next key concern was health (40%). And the other concerns were work and life balance (27%), the economy (21%) and the parents’ welfare and happiness (19%).

“It is observed that there was a little movement in the concern for job security and state of economy. These concerns slightly strengthened in the last quarter of 2017, which could make consumers cautious about their spending habits and thus motivate them to curb their daily expenses,” said Quynh of Nielsen Vietnam.

As consumers want to thrive for a better life and have high aspirations of building a nest for their children’s future, owning a house or high-tech products, and having more frequent local or overseas holidays, the feeling of cautiousness in spending is likely to continue, which could make them save more and prioritize their spending, she noted.

 

Source: ThesaigonTimes

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