Vietnamese consumer confidence continued to see rapid improvement inthe fourth quarter of 2014, according to the latest Consumer ConfidenceIndex released by Nielsen, a global information and measurement company.
Nielsensaid Vietnam became the ninth most optimistic country globally, with anindex score of 106, an increase of four points compared to the previousquarter.
Vaughan Ryan, Managing Director of Nielsen Vietnam,said over the last two quarters there was a significant increase in theconfidence of consumers in Vietnam.
People are feeling betterabout their job prospects and about their personal finances, and morepeople are feeling optimistic about the future.
More consumers are considering spending again on holidays, clothes and new technology, which are all good signs for the economy.
The report also reveals that consumers in Southeast Asia are among the most confident globally.
Bygaining 120 points, consumers in Indonesia and Philippines still remainthe second most confident globally and the rise in the Philippines wasone of the largest quarterly increases globally, an increase of fivepoints per last quarter.
Consumer confidence levels in Vietnam as well as Singapore (100 points) also remains relatively strong.
Similar to the previous quarter, the current state of the economy remains a key concern for consumers.
Close to one in five consumers in the region (18 percent) cited the economy as their biggest concern over the next six months.
Consumersin Thailand (49 percent) and Malaysia (38 percent) are the mostconcerned globally while about a third of consumers in Indonesia (33percent) and Vietnam (28 percent) share the same concern. This iscompared to 25 percent of consumers globally.
Job security ranksas the second biggest concern for consumers in Southeast Asia (14percent), particularly in Singapore (28 percent), Thailand (28 percent)and Vietnam (27 percent). Other major worries in the region includework/life balance, health and increasing fuel prices.
Overall,Southeast Asian consumers are among the world's most avid savers, withmore than two-thirds (69 percent) channelling their spare cash intosavings, compared to just 48 percent globally.
Whenit comes to savings, consumers in Vietnam are the highest globally (77percent), and Indonesia ranks third globally (70 percent).
"These latest findings show consumers in Southeast Asia are conscientiously planning their financial future," Bali said.
"Withdisposable income becoming more readily available than ever before,consumers across the region have the means to invest their spare cashand strengthen savings, which is driving greater demand for banking andfinancial services."
The Nielsen survey alsoindicates that at least eight in 10 consumers in Thailand (88 percent),Vietnam (86 percent), Malaysia (85 percent), Indonesia (80 percent) andthe Philippines (80 percent) have adjusted their spending habits overthe past 12 months in a bid to curb household spending due to concernsabout economic recession.
More than six in 10consumers in Malaysia (65 percent) and the Philippines (62 percent) arespending less on new clothing, while 60 percent of Vietnamese and 56percent of Thais and Malaysians have cut down on out-of-homeentertainment in an effort to reduce household expenses.
Other areas where consumers are cutting back include delaying upgradesof technology, switching to cheaper grocery brands, saving on gas andelectricity usage and reducing holidays and short breaks.
"While consumer confidence is relatively stable across Southeast Asia,consumers are expressing concern around areas such as job security andeconomic health, and as a result they are cautious with their spending,"said Bali.-VNA
Nielsensaid Vietnam became the ninth most optimistic country globally, with anindex score of 106, an increase of four points compared to the previousquarter.
Vaughan Ryan, Managing Director of Nielsen Vietnam,said over the last two quarters there was a significant increase in theconfidence of consumers in Vietnam.
People are feeling betterabout their job prospects and about their personal finances, and morepeople are feeling optimistic about the future.
More consumers are considering spending again on holidays, clothes and new technology, which are all good signs for the economy.
The report also reveals that consumers in Southeast Asia are among the most confident globally.
Bygaining 120 points, consumers in Indonesia and Philippines still remainthe second most confident globally and the rise in the Philippines wasone of the largest quarterly increases globally, an increase of fivepoints per last quarter.
Consumer confidence levels in Vietnam as well as Singapore (100 points) also remains relatively strong.
Similar to the previous quarter, the current state of the economy remains a key concern for consumers.
Close to one in five consumers in the region (18 percent) cited the economy as their biggest concern over the next six months.
Consumersin Thailand (49 percent) and Malaysia (38 percent) are the mostconcerned globally while about a third of consumers in Indonesia (33percent) and Vietnam (28 percent) share the same concern. This iscompared to 25 percent of consumers globally.
Job security ranksas the second biggest concern for consumers in Southeast Asia (14percent), particularly in Singapore (28 percent), Thailand (28 percent)and Vietnam (27 percent). Other major worries in the region includework/life balance, health and increasing fuel prices.
Overall,Southeast Asian consumers are among the world's most avid savers, withmore than two-thirds (69 percent) channelling their spare cash intosavings, compared to just 48 percent globally.
Whenit comes to savings, consumers in Vietnam are the highest globally (77percent), and Indonesia ranks third globally (70 percent).
"These latest findings show consumers in Southeast Asia are conscientiously planning their financial future," Bali said.
"Withdisposable income becoming more readily available than ever before,consumers across the region have the means to invest their spare cashand strengthen savings, which is driving greater demand for banking andfinancial services."
The Nielsen survey alsoindicates that at least eight in 10 consumers in Thailand (88 percent),Vietnam (86 percent), Malaysia (85 percent), Indonesia (80 percent) andthe Philippines (80 percent) have adjusted their spending habits overthe past 12 months in a bid to curb household spending due to concernsabout economic recession.
More than six in 10consumers in Malaysia (65 percent) and the Philippines (62 percent) arespending less on new clothing, while 60 percent of Vietnamese and 56percent of Thais and Malaysians have cut down on out-of-homeentertainment in an effort to reduce household expenses.
Other areas where consumers are cutting back include delaying upgradesof technology, switching to cheaper grocery brands, saving on gas andelectricity usage and reducing holidays and short breaks.
"While consumer confidence is relatively stable across Southeast Asia,consumers are expressing concern around areas such as job security andeconomic health, and as a result they are cautious with their spending,"said Bali.-VNA
