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Vietnamese spending habit: ‘selective savings’

19 Sep 2018

According to a survey conducted by market research firm Nielsen an The Conference Boar present in the Consumer Confidence Index report, the consumer confidence index of Vietnam in the second quarter of 2018 was still higher than the global average.

 

The consumer confidence index in Vietnam is still stable in the second quarter of 2018 with 120 percentage points (compare to 104 percentage points of the global index). However, Vietnam has rope by one rank compare with the previous quarter, becoming the fifth globally “most optimistic country”.

 

Just like before, most Vietnamese consumers set saving target at the top with saving ratio of up to 70 percent, just behind the Philippines at 71 percent, leading the world in terms of saving trend. The global average saving ratio was only 53 percent.


However, it can be said that the saving of Vietnamese people is “selective”, as many people are willing to spend large amount of money on items that contribute to a better life quality. For example, nearly 50 percent of Vietnamese are willing to spend on vacation and tourism; 46 percent of consumers said they use money to buy clothes an new technology products.

 

Remarkably, the spending plan for health insurance packages increased to 41 percent, continuing to increase by three percentage points compare to the first quarter of 2018.

 

According to experts from Nielsen Vietnam, Vietnamese consumers continue to save money for their future an their children. In particular, health an well-being care has become a top priority, so products an services that can meet the major health care needs will dominate people’s spending in the near future.

 

In the previous survey results, Vietnamese consumers are always in the top with the highest optimistic index in the world, but also among the groups that tent to save the most.

 

Source: Nielsen Vietnam

 

 

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