Vietnamese consumers pay close attention to health and income
Updated : Sunday, January 14, 2018 9:10 AM (GMT+0700)

Beingable to hold down a steady job providing a secure income and maintaining goodhealth are major concerns for Vietnamese consumers.

Illustration photo

According tothe Nielsen Global Survey of Consumer Confidence and Spending Intentions,66% of Vietnamese deposit income to savings accounts, behind other regionalsavers the Philippines (69%), Thailand and Indonesia (68%), and Singapore(67%), while the global rate is 52%.

In accordance with thegrowing trend of savings accounts, Vietnamese consumers are signaling aninclination toward large spending intentions as they seek improvements to theirquality of life.

The survey reports that twofifths of Vietnamese consumers have disposable income they are willing to spendon travel, shopping for new clothes, new technology products, home repairs,entertainment services, and purchasing premium health insurance packages.

‘Vietnamese consumers arerealising their desire for a better life by gradually building a solidfoundation for their wish. Therefore, it is not surprising that savings arealways the top priority for the majority of Vietnamese consumers, as this is asure path to building the economic foundation for the future. NumerousVietnamese expect even healthier balances in personal finance next year andwill show their self-confidence in their work over the next 12 months,’ saysNielsen Vietnam’s Managing Director Nguyen Huong Quynh.

These expectations reflect ageneral trend among many young Vietnamese consumers who aspire to a brighterfuture with better living conditions and higher incomes, coupled with goodeducation for children, and remarkable improvements from the government overthe horizon.

The five current majorconcerns of Vietnamese consumers are job stability, health, work-life balance,financial status, ensured social welfare, and family happiness.

‘Information on food safetyand hygiene has always been a hot topic of discussion across the internet andon social media networks, consequently the upkeep of good health has become areal concern for consumers,’ the Nielson Managing Director says.

In the third quarter of2017, consumer confidence in Vietnam stood at 116 points (down 1 point from thesecond quarter of 2017) which helped Vietnam become the fifth most optimisticnation globally, behind India, the Philippines, Indonesia, and the US.

In general, the consumer confidenceindex in Southeast Asia remained high. In Vietnam, consumers continued to showtheir optimism and self-confidence in purchasing trends throughout 2017.

This consistent trend is aresult of consumers’ optimism regarding their personal finances and immediatespending intentions.


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