The Consumer Confidence Survey, conducted for The Conference Board by Nielsen, has revealed that Vietnam secured a record high consumer confidence index (CCI) of 129 in the first quarter, an improvement of 7 points from 122 recorded in the last quarter of 2018.
The Global CCI for Asia Pacific, meanwhile, stood at a historical high of 117 while the overall Global CCI declined slightly in the same quarter to 106 from 107 in the last quarter of 2018.
The country has thus trailed behind just the Philippines (133) and India (132) in terms of having the most confident consumers in the given period.
The increase in the confidence among local consumers is said to be the impact of positive outlook on jobs and personal finances, as well as an upward trend in spending intentions among local residents.
Nguyen Huong Quynh, managing director of Nielsen Vietnam, noted that the significant increase in consumer confidence indicates a stout trend where Vietnamese are seen to continuously change their lives and those of their families in a positive way.
“Manufacturers and retailers need to capture the latest trends in the consumer market and need to act faster to respond to the evolving needs of consumers,” she suggested.
During the first quarter of 2019, all key drivers of the index for the local market, including job prospects, personal finance and spending readiness, increased considerably.
In particular, over 75 per cent of the respondents believed that they would have good or excellent job prospects or would be in good or excellent financial stand in the next 12 months.
In terms of spending spare cash after covering essential living expenses, 75 per cent of respondents said they will save their money. Some 55 per cent, meanwhile, will spend on new clothes, 53 per cent on holidays, 47 per cent on new tech products and 47 per cent on home improvements.
The Global Consumer Confidence Index is based on responses from over 32,000 online consumers in 64 markets throughout Asia-Pacific, Europe, Latin America, the Middle East and Africa, and North America.