Vietnam’s consumer confidence saw improvement in the final quarter of 2015, helping the country become the sixth most optimistic globally, according to the latest survey from information and measurement firm Nielsen.
In the online study, done in November, consumers in Vietnam scored 108 points in the Consumer Confidence Index, up 3 percentage points from the previous quarter.
Vaughan Ryan, managing director of Nielsen Vietnam, said in a statement: “The build-up and sentiment towards the Tet period has been one of excitement and improvement, with consumers’ willingness to spend increasing along with retailers’ sentiment improving.”
The survey also found that consumers in Southeast Asia remain among the most confident globally.
The Philippines, flat quarter-on-quarter at 117 points, ranked second globally. Although posting a slight decline to 115 points, Indonesia continued to rank third, while Thailand came in fourth with 114.
Overall, Southeast Asian consumers are among the world’s most avid savers, with 71 percent channeling their spare cash into savings.
Vietnamese topped globally (79 percent), followed by Indonesia (75 percent) and Philippines (65 percent).
In view of the increasing general cost of living in the country, changing spending patterns to save on household expenses continues to be the top priority for Vietnamese consumers.
People shop in the frozen foods section at a Fivimart supermarket in Hanoi on December 26, 2015. Photo: Kham/Reuters.
Eight in 10 Vietnamese have adjusted their spending habits over the past 12 months to save on household expenses. Three out of five Vietnamese consumers have tried to save on gas and electricity and reduced their spending on new clothes in comparison with this time last year.
However, after covering essential living expenses, around two in five Vietnamese consumers are willing to spend more on big tickets such as holidays and vacations (44 percent), new clothes (44 percent), and home improvements/decoration (40 percent).
Ryan said consumers’ priorities are slowly changing in Vietnam.
“No longer is putting a meal on the table satisfactory. Most people are wanting and getting a better life, but with this comes different expectations and priorities. More people aspire to own their own home or to go on holidays for longer, hence the need for increased savings.”