An infographic about the consumer sentiment across financial services, commerce, travel, and other categories. — Photo Courtesy Visa Vietnam
Vietnamese consumers remain positive about the country’s economic outlook in 2024, according to a report.
The “Green Shoots Radar" study recently reported by Visa Vietnam reported that consumer sentiment remains positive in Việt Nam.
Accordingly, Vietnamese consumers remain positive with a 75 per cent positive outlook, compared to 64 per cent of consumers in Indonesia and 50 per cent of the Philippines.
Nearly half, at about 47 per cent, of consumers surveyed in the region believe now is a good time to buy big household items such as furniture, household appliances and electronic gadgets, with Vietnam slightly ahead at 59 per cent.
Buying a new car is the most common personal life event experienced across most markets in Asia Pacific, with 16 per cent of Vietnamese consumers surveyed reporting so.
Consumers surveyed also intend to spend more in the region in the next year, with half of Asia Pacific respondents planning to spend more, with those in Việt Nam ranking higher than the regional average at 55 per cent.
The Green Shoots Radar study also shows that Vietnamese respondents rank second in Asia Pacific at 41 per cent when it comes to attending concerts over the past 12 months, both locally or overseas, compared to Indians at about 45 per cent and Indonesians at 40 per cent.
Interestingly, among Vietnamese respondents who have travelled overseas to attend a music concert, 40 per cent of them planned a trip specifically to attend this event.
In addition, consumers will continue to travel locally and abroad to attend live music concerts in 2024.
The post-pandemic period has seen a resurgence in in-person live events, with people increasingly travelling to attend them. This trend is expected to persist in 2024, driven by popular acts like Coldplay and Taylor Swift performing in the region. Live music concerts are the most popular event type, followed by theatre/music shows and sporting events.
Consumers will also increase their personal savings, the survey said.
Despite intending to spend more, many consumers surveyed are also setting aside more for savings.
In Việt Nam, 43 per cent of respondents, higher than the Asia Pacific regional average of 36 per cent, expect to put more effort in personal savings and save between 10-29 per cent of their monthly income.
The Green Shoots Radar study is conducted quarterly by Visa to keep track of consumer sentiment across financial services, commerce, travel, and other categories. The total sample size is 8,400 across 14 Asia Pacific countries including Việt Nam, with male and female respondents aged 18-65 years old. — VNS