Vietnam consumer confidence reaches annual peak

In the latest survey, the number of Vietnamese online respondents who felt good or excellent about local job prospects rose to 47 per cent, 5 per cent up on the second quarter and 7 per cent on-year. At the same time, about half of respondents were confident in financial outlook, up 2 points against last quarter.

The Nielsen Global Survey of Consumer Confidence and Spending Intentions, established in 2005, measures consumer confidence, major concerns, and spending intentions of more than 30,000 respondents with internet access in 60 countries. Confidence levels above and below a baseline of 100 indicate degrees of optimism and pessimism.

According to the Nielsen Global Survey of Consumer Confidence and Spending Intentions, Indonesia reported the highest index score globally of 120 in the third quarter, down four points on the previous quarter and 26 points above the global average of 94, followed by the Philippines which saw a three point decrease to 118.

Confidence in Thailand fell by two points to 112 in the third quarter compared to the previous quarter, and Malaysia also recorded a two point decline to 101.

Up to nine in 10 Southeast Asian consumers say they have changed their spending to save on household expenses over the last year. Consumers in Thailand and Vietnam showed the strongest inclination to curb household expenses with 90 per cent, the highest level recorded globally in the Nielsen survey, followed by Indonesia, the Philippines, Malaysia and Singapore.

Areas where consumers indicated they would look to save on household expenses included fashion and out-of-home entertainment. Approximately two thirds of consumers in Vietnam were most likely to reduce their spending on new clothes, followed by Malaysia and the Philippines, while Vietnamese consumers also indicated the strongest inclination to cut back on out-of-home entertainment with 60 per cent, followed by Thailand with 57 per cent and Malaysia with 52 per cent.