Vietnamese spending on concerts, fine dining rises faster than Southeast Asian peers

By Dat Nguyen November 12, 2024 | 08:42 pm PT

South Korean girl group Blackpink performs in Hanoi, July 2023. Photo courtesy of YG

Vietnamese spent 42% more on concerts, vacations, fine dining, and festivals this year, higher than the Southeast Asian average of 35%, a survey has found.

Around 47% of Gen Z consumers (people born between 1997 and 2012) said they spent more on "experiential purchases," the survey of consumers by Singaporean bank UOB found.

It also found Vietnamese consumers having the highest level of optimism about their country’s economic performance in the region, with around 70% expressing confidence in its outlook for the next six to 12 months.

This was 18 percentage points higher than the regional average.

Vietnamese also spent more overseas than the others.

Some 71% of Vietnamese respondents said they had spent money on overseas business and leisure trips in ASEAN in the past year, as against the regional average of 66%.

The most popular destinations for Vietnamese were Thailand and Singapore.

Paul Kim, UOB Vietnam head of personal financial services, said: "It is encouraging to see Vietnamese consumers leading the region in optimism around local economic conditions, with the upbeat sentiment likely contributing to the exuberance in cross-border spending."

Vietnamese consumers were also the most optimistic about personal finances, with 90% expecting to be financially stable or better off by June 2025, followed by Indonesia (89%) and Thailand (82%).

But a large majority, 77%, still had worries about finance-related matters, with rising inflation being the top concern followed by increased household expenses.

This is the fifth year that UOB has conducted the ASEAN Consumer Sentiment Study, polling 5,000 respondents this time in Singapore, Malaysia, Thailand, Indonesia, and Vietnam in May-June.