|
This is a
country that knows how to have a good
time. Vietnam has a consumer confidence
index of 117, 16 points below India’s
and over 60 per cent of consumers there
think it is a bad idea to shop.
|
|
|
|
But clearly,
the Vietnamese don’t believe in putting
their money where their mouths are: they
lead the Apac region — and are among the
top two across the world — in spending
money. |
|
|
|
Whether it
is holidays, new clothes, new technology
or out of home entertainment, everybody
else takes their places after the
Vietnamese. |
|
|
|
Vietnam
continues to be the most charged up
about new technology, with 57 per cent
of consumers there saying they would
spend their money on new gizmos.
|
|
|
|
They are
equally enthusiastic about updating
their wardrobes: 54 per cent prefer
spending on new clothes. Not
surprisingly, a night out on the town is
an important option as well (47 per
cent), as are holidays (53 per cent).
|
|
|
|
India — and
indeed, the rest of the Apac region —
could learn a thing or two from Vietnam.
Like last time, the country isn’t among
the top 10 spenders in any category
(although it figures on the lists of
those investing in shares and mutual
funds, and retirement funds).
|
|
|
|
Indian
consumers are financially conservative,
with over 54 per cent leaving their
money in savings accounts, 28 per cent
choosing to pay off debts and loans, and
51 per cent playing the markets.
|
|
|
|
And those
aren’t the highest figures for Apac —
Indonesia’s 65 per cent for the bank
account option, the 58 per cent in Hong
Kong who chose the stockmarkets and New
Zealand’s 48 per cent who prefer to be
debt-free are No.1 across Apac in those
options. |
|
|
|
Not that
Indians aren’t spending any money on
“fun” options. New clothes is now a
priority with 34 per cent (two points
more than the last round); 28 per cent
chose to go clubbing, compared to 25 per
cent last time; and new technology
tempts 29 per cent (no change from April
2007). |
|
|
|
But interest
in home decoration continues to wane —
it is down another two points to 30 per
cent — and fewer Indians are heading for
short breaks and getaways (33 per cent,
compared to 39 per cent in the last
round). |
|
|
|
The rest of
the world isn’t too different from Apac.
About a third choose to spend their
spare cash on holidays, 31 per cent on
new wardrobes and 28 per cent on
clubbing. The top spenders in these
categories? Norway for holidays (54 per
cent), Russia for clothes (68 per cent)
and Brazil for out-of-home entertainment
(52 per cent). |
|
|
|
Perhaps
there’s a lesson there: Brazil saw the
highest jump in its consumer confidence
index, adding 13 points to level its
score with Russia’s 103. And Norway
overtook India to become the most
optimistic nation in the world. Looks
like when the going gets tough, the
tough should go shopping. |
