Consumer confidence in Vietnam gained further momentum in the thirdquarter, increasing by four points from Q2 according to survey resultsreleased last week by global information and measurement companyNielsen.
The Nielsen Global Survey of Consumer Confidence andSpending Intentions reveals that for the first time since 2012 consumerconfidence levels in Vietnam exceeded 100 points to stand at 102 whileglobally consumer confidence remained steady at 98 points.
VaughanRyan, managing director of Nielsen Vietnam, said, "the four-pointincrease to 102 for Q3 is the largest change in a number of years anddoes show some positive signs of improving consumer confidence, despite atough 18 months.
"It is the highest level recorded since Q4 of2013. It is important to acknowledge that overall, Vietnamese consumersare still very cautious as economy and job security are still the mainconcerns."
Consumers still have a strong sentiment for puttingcash into savings but for the first time in a number of years the numberof people saying this has reduced, he said.
"Across the board wesaw an increased intent to spend money on holidays, new clothes, newtechnology, home improvements and more out of home entertainment. Thisis such a positive sign that it looks like consumers are about to opentheir wallets again.
"The local market has been tough, but theConsumer Confidence Study showed some really positive signals, which isfantastic leading up to Tet and into 2015."
Positive outlook
Whilea majority of consumers across Southeast Asia have a positive outlookfor the future, the economy and job security remain the top concerns.
InThailand, 44 percent listed the economy as a key worry over the nextsix months, while it was 34 percent in the Philippines, 33 percent inMalaysia, 27 percent in Vietnam, and 24 percent in Singapore.
Thirtyfour percent of consumers in the Philippines felt uncertain about jobsecurity, 26 percent in Thailand, 22 percent in Vietnam, and 20 percentin Singapore.
Besides, the region's consumers remain focused onputting aside savings for the future, with 77 percent and 74 percentconsumers in Vietnam and Indonesia respectively stashing their sparecash into savings after covering essential living expenses.
Consumersin other Southeast Asian markets are also diligently building nesteggs, including those in the Philippines (67 percent), Thailand (67percent), Singapore (66 percent), and Malaysia (63 percent).
Along with savings and investing in stocks, consumers in the region are also eager to spend on big-ticket items.
Singaporeansare the most inclined globally to spend their spare cash on vacations(51 percent), followed closely by Malaysia (47 percent), and Indonesia(41 percent).
Around a third of consumers in the Philippines, Vietnam, and Thailand prefer to spend their spare cash on new clothes.
FiveSoutheast Asian markets — Thailand, Vietnam, Philippines, Malaysia, andIndonesia — rank in the top 10 globally in changing their spendinghabits to reduce household expenses.
In Thailand, 88 percent havechanged their spending in the past year to save on household expenses,the highest level globally, followed by 86 percent in Vietnam, 83percent in the Philippines, 79 percent in Malaysia, 76 percent inIndonesia, and 63 percent in Singapore.
The survey, done inAugust–September, polled more than 30,000 people online in 60 countriesin the Asia-Pacific, Europe, Latin America, the Middle East/Africa, andNorth America.-VNA
The Nielsen Global Survey of Consumer Confidence andSpending Intentions reveals that for the first time since 2012 consumerconfidence levels in Vietnam exceeded 100 points to stand at 102 whileglobally consumer confidence remained steady at 98 points.
VaughanRyan, managing director of Nielsen Vietnam, said, "the four-pointincrease to 102 for Q3 is the largest change in a number of years anddoes show some positive signs of improving consumer confidence, despite atough 18 months.
"It is the highest level recorded since Q4 of2013. It is important to acknowledge that overall, Vietnamese consumersare still very cautious as economy and job security are still the mainconcerns."
Consumers still have a strong sentiment for puttingcash into savings but for the first time in a number of years the numberof people saying this has reduced, he said.
"Across the board wesaw an increased intent to spend money on holidays, new clothes, newtechnology, home improvements and more out of home entertainment. Thisis such a positive sign that it looks like consumers are about to opentheir wallets again.
"The local market has been tough, but theConsumer Confidence Study showed some really positive signals, which isfantastic leading up to Tet and into 2015."
Positive outlook
Whilea majority of consumers across Southeast Asia have a positive outlookfor the future, the economy and job security remain the top concerns.
InThailand, 44 percent listed the economy as a key worry over the nextsix months, while it was 34 percent in the Philippines, 33 percent inMalaysia, 27 percent in Vietnam, and 24 percent in Singapore.
Thirtyfour percent of consumers in the Philippines felt uncertain about jobsecurity, 26 percent in Thailand, 22 percent in Vietnam, and 20 percentin Singapore.
Besides, the region's consumers remain focused onputting aside savings for the future, with 77 percent and 74 percentconsumers in Vietnam and Indonesia respectively stashing their sparecash into savings after covering essential living expenses.
Consumersin other Southeast Asian markets are also diligently building nesteggs, including those in the Philippines (67 percent), Thailand (67percent), Singapore (66 percent), and Malaysia (63 percent).
Along with savings and investing in stocks, consumers in the region are also eager to spend on big-ticket items.
Singaporeansare the most inclined globally to spend their spare cash on vacations(51 percent), followed closely by Malaysia (47 percent), and Indonesia(41 percent).
Around a third of consumers in the Philippines, Vietnam, and Thailand prefer to spend their spare cash on new clothes.
FiveSoutheast Asian markets — Thailand, Vietnam, Philippines, Malaysia, andIndonesia — rank in the top 10 globally in changing their spendinghabits to reduce household expenses.
In Thailand, 88 percent havechanged their spending in the past year to save on household expenses,the highest level globally, followed by 86 percent in Vietnam, 83percent in the Philippines, 79 percent in Malaysia, 76 percent inIndonesia, and 63 percent in Singapore.
The survey, done inAugust–September, polled more than 30,000 people online in 60 countriesin the Asia-Pacific, Europe, Latin America, the Middle East/Africa, andNorth America.-VNA
