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Consumer confidence drops, but Vietnamese still shopping
Viet Nam’s consumer confidence index has tracked lower due to the economic downturn, but many people in the country continue to spend money on tourism and the latest technologies, according to the latest Nielsen global consumer survey.
Viet Nam’s consumer confidence was wavering, sliding down the scale for the sixth consecutive time since the survey was first undertaken in 2006, according to the survey.
Viet Nam’s confidence index fell to 84.5 from 97.1 in October last year, and the country was the 11th most confident country in the world, but that’s down from the 9th in October 2008 and the 7th in first half 2008.
"History tells us that the Vietnamese people are resilient and today they still remain relatively positive when compared to the rest of the world," said Aaron Cross, managing director of Nielsen Company Viet Nam, adding, "GDP growth estimates for 2009 have been revised down by most experts, but we are still a long way from being in a recession in Viet Nam."
Global consumer confidence has plummeted to a record new low in the past six months, falling seven Index points, down from 84 to 77, according to the latest twice-yearly Nielsen Global Consumer Confidence Index, which tracks consumer confidence, major concerns and spending habits among 25,420 internet users in 50 countries.
The latest survey, held from March 19 to April 2, found that the emerging markets of Russia, the UAE and Brazil had suffered the biggest dips in consumer confidence over the past six months, as currency devaluation, weakening export markets and falling global commodity prices took their toll on the economies.
Latin America suffered the biggest consumer confidence hit, falling 15 Index points (down to 82 points from 97), while consumer confidence in Europe and Asia-Pacific both fell by seven Index points.
Resilient
In Viet Nam, the story was similar. The survey showed that 74 per cent of Vietnamese believed the country was in a recession, compared to just 52 per cent in October 2008. That rising figure was reflected across the region as more Chinese, Hong Kong and Japanese consumers saying their countries were in an economic recession. But Vietnamese remained relatively resilient, with 60 per cent claiming they believed Viet Nam would be out of the recession within 12 months, said Nielsen.
Indonesia topped Nielsen’s Global Consumer Confidence Index at 104 points, followed by Denmark (102 points) and India (99 points), said the survey, adding that the world’s most pessimistic nations were South Korea (31 points), followed by Portugal and Latvia at 48 Index points.
According to the survey, confidence had fallen in 49 out of 50 countries and territories - Taiwan was the only to buck the global trend, edging up three Index points from 60 to 63, although still 14 points below the global average.
More than half of the Vietnamese surveyed said that they had changed their spending habits to save on household expenses by cutting back on new clothes, entertainment and even gas and electricity, said an official from Nielsen.
The survey found that 54 per cent of Vietnamese consumers would save all available cash for times ahead; however, there was still 27 per cent trying to find a good work/life balance when taking holidays. A quarter of those surveyed spent their spare money on buying the latest technology products.
In the middle of this month, the tourism industry in Viet Nam reported an increase in the number of travellers for National Liberation Day (April 30) and May Day.
VietNamNet, Viet Nam News
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