VN consumers remain optimistic
VN consumers remain optimistic
Viet Nam remains among the 10 most optimistic nations globally, according to the latest Consumer Confidence Index released earlier this week by global information and measurement company Nielsen.
Viet Nam's score increased by 1 percentage point quarter-on-quarter and 3pp year-on-year to 105 in Q3 even as consumer confidence in a number of Southeast Asia markets took a dip.
The Nielsen Global Survey of Consumer Confidence and Spending Intentions, done since 2005, measures consumer confidence, major concerns, and spending intentions of more than 30,000 respondents with internet access in 60 countries. Consumer confidence levels above and below a baseline of 100 indicate degrees of optimism and pessimism. The survey also found that Southeast Asia is home to the world's most confident consumers despite dips in Q3.
The Philippines ranks third globally though the country posted a decline by 5 percentage points from last quarter to 117.
Indonesia ranks fourth with a score of 116 points after a two-point decline, while Thailand is fifth with an unchanged 111 points.
Singapore gained two points to register a score of 101. Malaysia, which posted the region's lowest Consumer Confidence Index of 78, also saw the region's steepest decline of 11 points.
"The past few quarters have seen some tapering in some markets, which is reflective of softening in the region's economy," Regan Leggett, Nielsen client service director in Southeast Asia, North Asia and Pacific, said.
Saving priority
Across the six Southeast Asia markets, consumers' focus on financial security remains prominent, with 71 per cent of respondents putting their spare cash into savings.
Vietnamese consumers keep the highest globally (78 per cent, 3 percentage points up quarter-on-quarter), followed by Indonesia (74 per cent), the Philippines (67 per cent), Singapore (66 per cent), Thailand and Malaysia (64 per cent). Eighty six per cent of Vietnamese consumers have adjusted their spending habits over the past 12 months to save on household expenses because most people think the country is in a recession.
Sixty per cent have tried to save on gas and electricity and on out-of-home entertainment in comparison with this time last year. Around half have cut down spending on new clothes and telephones.
Nielsen did the survey between August 10 and September 4.
