With a nine-point increase over the second quarter of 2018, due to growth in confidence over employment prospects and personal finances, Vietnam’s consumer confidence level has reached a peak for the past decade and the country has risen to second position globally, according to the latest issue of The Conference Board Global Consumer Confidence Survey, conducted in collaboration with global researchers Nielsen.
The report also showed that the Consumer Confidence Index (CCI) in the Asia-Pacific region remained high, up two points from 112 points in the second quarter to 114 in the third quarter of 2018.
Vietnam and Malaysia’s CCI were 129 points and 127 points, respectively, surpassing Indonesia and the Philippines to be among the top three most confident countries globally.
Malaysia and Thailand saw the highest growth rate in the third quarter, up 10 percentage points; the highest in the world. Indonesia and the Philippines saw slight declines, of one point to 126, while Singapore grew four points to 98.
“Vietnam’s consumer confidence in the third quarter of 2018 was significantly higher than in the third quarter of 2017 (129 against 116) and reached a record nine-point gain over the second quarter of this year,” said Ms. Nguyen Huong Quynh, Managing Director of Nielsen Vietnam.
“This strong growth is a consequence of confidence in personal finances as well as the level of willingness to spend. It’s clear that consumer change is positive. Manufacturers and retailers need to capture the latest trends in the consumer market and need to act faster to respond to the needs of consumers.”
Vietnamese consumers continue to be optimistic about their personal finances, with 82 per cent saying their personal finances are “good” or “excellent” over the next 12 months (up 6 per cent vs. the second quarter,) and at the same time are ready to spend, with 63 per cent believing that the next 12 months will be a good time for them to buy the things that they want and need, (up 8 per cent against the second quarter).
“Although job stability and health are the two biggest concerns among Vietnamese consumers, compared with the previous quarter, interest in these two factors is more influenced by the economy, their family, and daily living expenses.” Ms. Quynh said.
“This means that when consumers face multiple concerns, their purchasing decisions are affected accordingly. Businesses must always keep a close track of changes in consumer spending.”
Source: Vietnam.net / Nielsen