According to the Nielsen Global Survey of Consumer Confidence and Spending Intentions, 66% of Vietnamese deposit income to savings accounts, behind other regional savers the Philippines (69%), Thailand and Indonesia (68%), and Singapore (67%), while the global rate is 52%.
In accordance with the growing trend of savings accounts, Vietnamese consumers are signaling an inclination toward large spending intentions as they seek improvements to their quality of life.
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Vietnamese consumers are signaling an inclination toward large spending intentions as they seek improvements to their quality of life. (Photo for illustration) |
The survey reports that two fifths of Vietnamese consumers have disposable income they are willing to spend on travel, shopping for new clothes, new technology products, home repairs, entertainment services, and purchasing premium health insurance packages.
‘Vietnamese consumers are realizing their desire for a better life by gradually building a solid foundation for their wish. Therefore, it is not surprising that savings are always the top priority for the majority of Vietnamese consumers, as this is a sure path to building the economic foundation for the future. Numerous Vietnamese expect even healthier balances in personal finance next year and will show their self-confidence in their work over the next 12 months,’ says Nielsen Vietnam’s Managing Director Nguyen Huong Quynh.
These expectations reflect a general trend among many young Vietnamese consumers who aspire to a brighter future with better living conditions and higher incomes, coupled with good education for children, and remarkable improvements from the government over the horizon.
The five current major concerns of Vietnamese consumers are job stability, health, work-life balance, financial status, ensured social welfare, and family happiness.
‘Information on food safety and hygiene has always been a hot topic of discussion across the internet and on social media networks, consequently the upkeep of good health has become a real concern for consumers,’ the Nielson Managing Director says.
In the third quarter of 2017, consumer confidence in Vietnam stood at 116 points (down 1 point from the second quarter of 2017) which helped Vietnam become the fifth most optimistic nation globally, behind India, the Philippines, Indonesia, and the US.
In general, the consumer confidence index in Southeast Asia remained high. In Vietnam, consumers continued to show their optimism and self-confidence in purchasing trends throughout 2017.
This consistent trend is a result of consumers’ optimism regarding their personal finances and immediate spending intentions.
Source: VOV