Log in
Econ

Vietnam consumer confidence slides, health becomes top concern

With the current situation relating to pollution and increased consumer awareness, health is expected to continue to be a top concern of Vietnamese consumers in the third quarter of 2019.

Vietnam’s consumer confidence in the second quarter (Q2) of 2019 slipped slightly from the previous quarter, but the country continued to ranked 4th among the most optimistic ones globally for having the most positive consumers, while health has become the biggest concern as air pollution worsens, according to the latest survey by Nielsen.

In Q2, the Consumer Confidence Index of Vietnam decreased from 129 to 123 percentage points compared to the previous quarter, with the main reasons being a downtrend in positivity about job prospects, financial security and perception of being the right time to buy.

Globally and regionally, many countries also experienced similar CCI downward trend caused by rising costs and political challenges, Nielsen said in a report.
 

Health overcomes job security to become top Vietnamese concern

In Q2 2019, Vietnamese consumers continued to rank health and job security as their top two key concerns while 22% pointed to work-life-balance as the third most important aspect.

Remarkably, health overcame job security to become the top concern among Vietnamese consumers, which is largely predictable, according to Louise Hawley, managing director of Nielsen Vietnam.

“Vietnamese consumers care about their health more than ever. Pollution in the air and in the environment are hot topics which are being increasingly top of mind for people. With the current situation relating to pollution and increased consumer awareness, health is expected to continue to be a top concern of Vietnamese consumers in the third quarter of 2019”, Hawley commented.

In Q2, there was also a jump in those concerned about increasing utility bills, from 6% to 13%. “At the end of Q1 2019, electricity prices in Vietnam went up over 8%, which brought this cost into sharp focus and attracted more attention to utility bill costs”, Hawley added.
 

Vietnam becomes the first place in global in cash spare for medical insurance premium

Globally, Southeast Asian consumers are leading the way when it comes to saving intentions. In Q2, despite a slight fall (75% to 69%), Vietnam continued to place in the top 2 in Asia Pacific for having the region’s most avid savers, just behind Hong Kong (70%).

Following the last quarter’s trend, Vietnamese consumers were still likely to spend on medical insurance premiums. In Q2, Vietnam became the country with the highest proportion of people saying that their spare money goes on medical insurance premiums, followed by Switzerland, Indonesia and China.

With the polluted environmental situation, Vietnamese consumers are not just worried about their health but they are taking action to protect it. This is the reason that Vietnam ended this quarter with the highest tendency towards spending for healthcare insurance, explained Louise Hawley.

In addition, Vietnamese people are indicating that they spend less spare cash on New clothes, OOH entertainment, New tech products and Home development/ decorating compared with the previous quarter.

 
Reactions:
Share:
Trending
Most Viewed
Vietnam unveils new strategies to boost domestic market, aid businesses

Vietnam unveils new strategies to boost domestic market, aid businesses

As global trade uncertainties grow, Vietnam sees the domestic market not only as a key consumption driver but also a “lifeline” for businesses hit by protectionist export barriers.

Vietnam eyes US tilapia export boost as global supply falls

Vietnam eyes US tilapia export boost as global supply falls

Vietnam aims to increase tilapia output to 400,000 tons by 2030, making it the second-largest freshwater export species after pangasius.

Vietnam’s enterprises must act fast to weather US tariff shock: Experts 

Vietnam’s enterprises must act fast to weather US tariff shock: Experts 

Many of the key Vietnamese exports, such as wood products, electronics, and textiles, that are not on the US exclusion list could face steep tariffs.

Vietnam's mobile money pilot program extended to end of 2025

Vietnam's mobile money pilot program extended to end of 2025

Mobile Money, launched by the Ministry of Science and Technology, differs from e-wallets by linking users’ payment accounts directly to mobile phone numbers.

Vietnam taps innovation, global ties to elevate national brand

Vietnam taps innovation, global ties to elevate national brand

Vietnam is intensifying efforts to enhance its national brand, leveraging innovation, global partnerships, and strategic policies to bolster its global competitiveness and market presence.

Vietnam extends US$3.9 billion loan package for agro-forestry-fisheries

Vietnam extends US$3.9 billion loan package for agro-forestry-fisheries

The government has expanded the scope and scale of the credit program for the sectors which brought about US$62.4 billion worth of exports in 2024.

Vietnamese public shows rising satisfaction in 2024 PAPI survey

Vietnamese public shows rising satisfaction in 2024 PAPI survey

The 2024 PAPI survey found increasing citizen satisfaction with governance, but highlighted persistent administrative challenges, climate vulnerability, and gaps in access to public services.

Hanoi calls for VAT cuts and credit support amid US tariffs

Hanoi calls for VAT cuts and credit support amid US tariffs

Hanoi’s export-driven economy faces new challenges as the US, one of its top trading partners, considers imposing steep tariffs on Vietnamese goods.