With a nine-point increase over the second quarter of 2018, Vietnam's consumer confidence level has peaked in the past decade, according to Nielsen, a global information and measurement company.
Vietnam ranked second in the consumer confidence benchmark globally in the third quarter of 2018. Source: Nielsen.
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The report also showed that the Consumer Confidence Index in the Asia Pacific region remained high, rising 2 points from 112 points in the second quarter to 114 in the third quarter of 2018.
The indexes of Vietnam and Malaysia were 129 points and 127 points respectively, surpassing Indonesia and the Philippines to become among the top three most confident countries globally.
At the same time, Malaysia and Thailand are the two countries with the highest growth rate, up 10 percentage points and this is also the dominant growth in the world. Indonesia and the Philippines have a slight down, with 126 (-1 point), and Singapore retained the growth rate of 98 points (up 4 points from the second quarter of 2018 and third quarter of 2017).
"Vietnam Consumer Confidence in the third quarter of 2018 was significantly higher than the third quarter of 2017 (116 with 129) and reached a record 9-point gain over the second quarter of 2018. The strong growth is a consequence of the confidence of personal finances as well as the level of willingness to spend by the Vietnamese,” Nguyen Huong Quynh, managing director Nielsen Vietnam noted.
In the July – September period, Vietnamese consumers continue to be optimistic about their personal finances, with 82 percent saying their personal finances are good or excellent over the next 12 months, up 6% quarter on quarter, and at the same time they are ready to spend with 63% of consumers certainly saying that the next 12 months is a good time for them to buy the things that they want and need, up 8% quarter-on-quarter.
Consumers’ concerns on having a stable job (40%) and health (40%) have decreased compared to the second quarter of 2018 (-6% and -2% respectively) but remain the top concerns among Vietnamese consumers in the third quarter. Meanwhile, 27% of respondents, up 5% quarter on quarter, said that the state of the national economy is their third concern.
"Although the job stability and health are the two biggest concerns of Vietnamese consumers, compared with the previous quarter, the interest in these two factors in the third quarter of 2018 has more influence from the economy, from family and daily living expenses. This means that when consumers face multiple concerns, their purchasing decisions will be affected accordingly. Thus, businesses must always keep a close track on changes in spending of consumers," Quynh said.
