Philippines, Indonesia, Vietnam with highest consumer confidence in Southeast Asia

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The Philippines, Indonesia and Vietnam, just behind India, rank within the top four in the latest international consumer confidence survey compiled by US-based research organisation The Conference Board and business intelligence firm Nielsen.

Thailand, Malaysia and Singapore ranked eighth, 10th and 25th, respectively, in the global ranking, which, according to the authors, reflects prevailing business conditions in the countries and likely developments for the months ahead. Overall, the survey details consumer attitudes and buying intentions, with data available by age, income and region.

Vietnam and Malaysia featured among the top five nations with the highest growth in consumer confidence.

Notably, the Vietnam consumer confidence index gained an all-time high of 124 points and shot to the highest in a decade for the country. In the first quarter of 2018, Vietnam’s index rose by nine points compared to the last quarter of 2017. The positivity about the state of personal finances and local job prospects has helped Vietnam emerge as the fourth most optimistic country in the world in the period.

Historically, consumer confidence in Southeast Asian countries continues to be higher than in mature economies. The level of consumer confidence in the region rose from 119 points in the fourth quarter of 2017 to 121 in the first quarter of 2018.

The reason for the rise in the region is largely attributed to overall economic growth, with major economies growing between five and seven per cent in the last year. In addition, increases in foreign direct investment and disposable income have also helped improve confidence.

Going forward, the growth in the economy and foreign investments will continue to boost incomes in the region, leading to even higher consumer confidence. Food and beverages, along with retail, education and healthcare, will continue to attract majority of the consumer spending, but savings will continue to take precedence over discretionary spending, the survey noted.

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Reading Time: 2 minutes

The Philippines, Indonesia and Vietnam, just behind India, rank within the top four in the latest international consumer confidence survey compiled by US-based research organisation The Conference Board and business intelligence firm Nielsen.

Reading Time: 2 minutes

The Philippines, Indonesia and Vietnam, just behind India, rank within the top four in the latest international consumer confidence survey compiled by US-based research organisation The Conference Board and business intelligence firm Nielsen.

Thailand, Malaysia and Singapore ranked eighth, 10th and 25th, respectively, in the global ranking, which, according to the authors, reflects prevailing business conditions in the countries and likely developments for the months ahead. Overall, the survey details consumer attitudes and buying intentions, with data available by age, income and region.

Vietnam and Malaysia featured among the top five nations with the highest growth in consumer confidence.

Notably, the Vietnam consumer confidence index gained an all-time high of 124 points and shot to the highest in a decade for the country. In the first quarter of 2018, Vietnam’s index rose by nine points compared to the last quarter of 2017. The positivity about the state of personal finances and local job prospects has helped Vietnam emerge as the fourth most optimistic country in the world in the period.

Historically, consumer confidence in Southeast Asian countries continues to be higher than in mature economies. The level of consumer confidence in the region rose from 119 points in the fourth quarter of 2017 to 121 in the first quarter of 2018.

The reason for the rise in the region is largely attributed to overall economic growth, with major economies growing between five and seven per cent in the last year. In addition, increases in foreign direct investment and disposable income have also helped improve confidence.

Going forward, the growth in the economy and foreign investments will continue to boost incomes in the region, leading to even higher consumer confidence. Food and beverages, along with retail, education and healthcare, will continue to attract majority of the consumer spending, but savings will continue to take precedence over discretionary spending, the survey noted.

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