Consumer confidence in Q2 2015 for the regional of Southeast Asia fell in every market except for the Philippines in the second quarter of this year, according to a rolling study by market research firm Nielsen.
The study, which gauges consumer confidence in terms of local job prospects, personal finances and immediate spending intentions, saw the biggest dip in Vietnam. Confidence there fell eight percentage points.
Consumer confidence in Q2 2015 was also down in Malaysia – Southeast Asia’s least confident consumer market – Singapore, Thailand and Indonesia.
However, overall Southeast Asia remains the world’s most optimistic consumer market.
“Across Southeast Asia optimism remains high, but in this past quarter we’ve seen some signs of vulnerability emerge in certain markets,” said Regan Leggett, Nielsen’s client service director for Southeast Asia, North Asia and Pacific.
“On the one hand we have markets like Philippines where we’re seeing a continued influx of foreign investments and a robust domestic consumption base. In comparison, markets such as Vietnam are starting to face headwinds such as declining foreign direct investment and a struggling retail environment.”
The results contrast those for the first quarter of the year, which painted a very different picture: in every market consumer confidence was up, apart from the Philippines.
Consumers in Southeast Asia are the world’s biggest savers, with the majority of spending intentions in the second quarter of this year going towards setting money aside for the future.