How do Vietnamese spend their money?
How do Vietnamese spend their money?
According to the latest figures published by Nielsen market research firm, 85 out of 100 Vietnamese people are changing their consumption habits.
Last year, Vietnamese people spent a large part of their income to maintain basic personal life instead of spending on other items such as luxury goods or electronic product.s
Last year, Vietnamese people spent a large part of their income to maintain basic personal life instead of spending on other items such as luxury goods or electronic products, according to Nielsen's survey.
Specifically, 62-63% of the survey participants cut spending for clothing and outside entertainment services. These are the two group of demands cut the most. In addition, people tried to use less power and gas.
Spending on cellphones and high-tech products or meals at restaurants was also cut by over 40% of population.
About 20% of the participants spent less for daily necessities, through the use of cheaper products or lack of use.
About 22% of them quit smoking to save money; 21% used food products of cheaper price; and 16% were willing to drink wine brands at softer prices.
Compared to neighboring countries, Vietnam was one of the most economical countries.
Notably, the people of the middle class tended to spend more money than ever before. However, the survey also showed that Vietnamese were becoming more "intelligent" in shopping. At least 83% of people made comparisons of similar products before purchase, 81% were confident about knowing the price well and 55% always checked prices carefully.
Besides the price, the quality of goods was an important factor as 73% of respondents said they would pay more for good products.
Another interesting point is that the majority of consumers tended to increase spending for children.
