Vietnamese are spending less and saving more due to their worries about the economy. Up to 73% of those interviewed said they would use their spare cash for savings, topping the world, a survey by Nielsen said.
Vietnamese tops world for savings
According to Nielsen’s the global survey on Consumer Confidence Index (CCI) released on July 27, 86% of Vietnamese interviewed said that they had spent less over the past year to save more, causing the country’s CCI to drop to 104 points in the second quarter of 2015, down 8 points against the first quarter of the year.
The fall, the biggest quarterly decline in Asia Pacific, is attributed to local consumer concerns about the economy’s difficulties during the coming five years.
The Nielsen survey also reveals Southeast Asian consumers continue to be the most penny pinching in the world, with 70% of interviewed people using their spare cash for savings compared to just 48 percent globally. The ratio in Vietnam was 73%, followed by 72% in the Philippines, Indonesia 69%; Thailand 66% and Malaysia 65%.
Around 60% of Vietnamese consumers have reduced their spending on new clothes and cooking gas and electricity; while 57% have cut out-of-home entertainment and 48% have delayed upgrading gadgets and consumer goods. However, nearly half of Vietnamese consumers are willing to spend more on holidays and new technology.