Nielsen: Consumer confidence edges up in Q1

The score shows Vietnam was the fifth most optimistic country globally, said a report released by Nielsen Vietnam.

The Vietnam score is lower than that of the Philippines at 119 and Indonesia at 117. The two countries rank second and third respectively on the global optimistic scale.

Nguyen Huong Quynh, managing director of Nielsen Vietnam, said the index continues to be at a high level despite moderate market growth as it reflects future hopes of Vietnamese consumers.

This optimism can be explained as Vietnam is still a young country, with 57% of the population under 35 years old.

In addition, Vietnamese consumers tend to spend more improving the quality of life, Quynh said.

“Today they see some challenges, but view these as a minor hurdle in a country where for the most part, upside will almost certainly continue,” she said in the report.

However, Nielsen Vietnam still sees Vietnamese people in general as avid savers.

When it comes to savings, consumers in Vietnam remain the biggest savers globally with 78% of respondents channeling their spare cash into savings accounts. Indonesia comes second with 75%, followed by the Philippines with 69%, Singapore with 67%, Malaysia with 67%, and Thailand with 66%.

Eight in 10 Vietnamese have adjusted their spending habits over the past 12 months to cut down on household expenses. 

Around 61% have tried to spend less on new clothes and 58% have tried to cut down on out-of-home entertainment in comparison with this time last year, and around half of Vietnamese consumers have tried to save on gas, electricity and telephone bills.