Enhancing the quality of lifeAfter covering essential living expenses, Vietnamese consumers were eager to spend on big ticket items to enhance the quality of life. And this desire slowly grew in last four quarters. Nearly half of consumers were willing to spend their spare cash to buy new clothes (51%) and to spend on holidays (46%).
Source: Nielsen Vietnam.
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However, Vietnamese consumers still had a strong affinity for saving. Close to three fourths (73%) would put their spare cash into savings (compared to 72% in the previous quarter). The report also revealed that saving was an integral part of Southeast Asian consumers, with 67% of respondents putting their spare cash into savings.
"While health insurance was once thought of as luxury years ago, Vietnamese consumers now start getting financial assistance to pay for health insurance programs. And this trend reflects one of the changes in consumers' mindsets. When consumers cover themselves with insurance plans, they could have a sense of protection that they need," said Nguyen Huong Quynh, managing director of Nielsen Vietnam.
Stable job and good health as top concerns
In this quarter, top five concerns of Vietnamese consumers remained the same as the previous quarter. Job security continued to top the list of Vietnamese consumers' key concerns (43%). The next key concern was health (41%). And the other concerns were work/life balance (23%), the economy (23%) and the parents' welfare and happiness (16%).
"In today's world of information and technology, consumers are better informed as they can easily search for news and information. They can foresee some short-term challenges such as the current condition of the economy, job security, health and work-life balance. These concerns may result in curbing their discretionary spending this year and therefore consumer facing businesses need to keep a close eye on changes in consumer sentiments," noted Quynh.
