Vietnamese shoppers no longer the world’s thriftiest: Nielsen

By Ha Phuong   August 23, 2017 | 11:00 pm PT
Consumer spending seems to be on the rise with less people interested in saving.

Vietnamese consumers have just lost their crown as the world’s most avid savers to penny-pinching shoppers in Hong Kong after three years reigning supreme, according to the latest report on consumer confidence conducted by Nielsen, a global information and measurement company.

During the first half of this year, only 63 percent of surveyed Vietnamese shoppers said they would put their spare cash into savings, comparing to the 76 percent who said they would save during the same period last year.

Around 80 percent of people in Hong Kong said they chose to save money rather than spending it on leisure activities, figures from Nielsen revealed.

The Vietnamese are still securing money for the future, but they are also spending more on leisure activities.

"Vietnamese consumers' lifestyles are evolving fast and consumers are more willing to spend on big items to upgrade their living," said Nguyen Huong Quynh, managing director of Nielsen Vietnam. "This reflects their strong desire for a better life."

Saving requires a stable job, which is still a top priority for Vietnamese people. For half of the respondents, securing a position at a company is a big deal.

"A financial guarantee is considered one of the top priorities among Vietnamese consumers," Quynh added. "Hence, job stability as well as economic prospects directly influence the level of consumer spending. This explains why job stability is important to Vietnamese people.”

Vietnam’s Consumer Confidence Index in the second quarter this year reached 117, helping the country secure fifth position on the global optimism table. Indexes above 100 indicate optimism.

This is also a five-year high for the country, suggesting that Vietnamese consumer sentiment is improving. The surge illustrates the optimistic perception of personal finance and immediate spending intention, the report said.

It should be noted that the index is calculated by Nielsen based on respondents with online access in 60 countries.

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