Vietnam’s consumer confidence index in Quarter II dropped by 2 points from the previous quarter to 107 points, according to the latest Consumer Confidence Index released recently by Nielsen Vietnam, a leading market research company.
Despite the fall, Vietnamese consumer confidence is still at a high level, with the country the 7th most optimistic across the world, Nielsen stated.
The Vietnamese remain optimistic about the local economy in comparison to other nations, Nguyen Huong Quynh, Managing Director of Nielsen Vietnam said, with the continued growth of the middle class and the Government’s stable economic outlook contributing to the confidence.
“Vietnamese consumers pay close attention to what is happening, being easily influenced by word of mouth, social media, etc. This means manufacturers and retailers have to move fast to foresee and address concerns,” Quynh added.
The report also revealed that Southeast Asian consumers are still among the most confident worldwide at 113 points.
The Philippines hit a new record in Quarter II with 132 points, surpassing India with 119 points. Confidence in Thailand edged down 4 points from the previous quarter to 101 points while that of Malaysia inched up 6 points to 87. Singapore remained stable at 88 points.
Consumers in the region are the world’s most avid savers, with 68 percent of those interviewed putting their spare cash into savings. In Vietnam, 76 percent consumers save some of their income, followed by Indonesia (70 percent), the Philippines (65 percent), Malaysia and Singapore (63 percent) and Thailand (62 percent).
However, after covering essential living expenses, consumers in Vietnam were also willing spend their savings on big items such as holidays and vacations (41 percent, up 5 percent from last quarter), new clothes (38 percent) and out of home entertainment activities (37 percent).
Photo: CBR Investment AG