Vietnam’s Consumer Confidence Reaches New High
Vietnam
In the last quarter of 2017, Vietnam ranked as the seventh most optimistic country in the world. By Q1 of 2018, it consumer confidence levels rose by nine points to 124, compared to Q4 of 2017, making it the fourth most optimistic country in the world.
Spending
According to the survey, as household incomes continue to grow, consumers in Vietnam are looking to spend more on high-priced retail items. Once the living expenses were covered, 51 percent of the consumers were willing to spend on new clothes. Consumers wanting to spend on holidays rose by two points in Q1 of 2018, accounting for 46 percent of the consumers.
In addition, around forty percent of the consumers spent on new technology products (46 percent), out of home entertainment (43 percent), and home improvements (42 percent).
The highest spending was seen in medical insurance premiums, which grew by nine points in Q1 of 2018, and accounted for 38 percent of the consumers.
Savings
Savings continue to remain a priority in Southeast Asia, including Vietnamese consumers. Around 67 percent of consumers in the region put their spare cash into savings.
In Q1 of 2018, 73 percent of the consumers in Vietnam saved their spare cash, compared to 72 percent in Q4 of 2017.
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