Vietnamese consumers’ confidence level ranked No.5 globally in Q4 2016
According to the global consumer confidence report taken by Nielsen in Q4 2016, the level of Vietnamese consumers’ confidence for the final quarter was the highest in whole 2016, with 112 index points. With this, Vietnam became one of the nations with the highest level of consumers’ confidence in the world.
The Nielsen’s consumer confidence index measures perceptions of consumers toward local job prospects, personal finances and immediate spending intentions. Its report in Q4 2016 showed an upward trend in the level of consumer confidence in Southeast Asia. The highest growth in the level of confidence in the region belongs to the Philippines with a 13-point increase from Q1 to Q4. This is followed by Thailand (+5 points), Indonesia and Vietnam (+3 points). On the other hand, the figure for Singapore dropped by 2 points.
With more than two thirds of the consumers preferring to save money, Southeast Asian consumers are leading in the savings ladder. In terms of savings, the Vietnamese consumers take lead globally (76% of the consumers prefer savings). The list continues with Indonesia (71%), Philippines (64%), Singapore (65%), Thailand (63%) and Malaysia (59%).
In Q4 2016, Vietnamese consumers’ concerns stay the same as the previous quarters. The stability of work remained the most important topic that Vietnamese consumers care about (45% of the surveyed participants), followed by health (42%), work-life balance (26%) and the national economy (20%). This result demonstrates that Vietnamese consumers are currently showing great awareness toward a healthy life, which explains why the demand for food safety and high quality products have recently increased in Vietnam.
Consumers in Vietnam continue to be willing to spend on relatively high-price products and services. Nielsen’s survey showed that, after paying for essential living expenses, Vietnamese consumers are willing to spend on travel (35% of the participants), buying new clothes (33%), new technology products (30%) and entertainment services (26%).
Sources: 1, 2