Cimigo live the wealth report (English Version)


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Cimigo live the wealth report (English Version)

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Cimigo live the wealth report (English Version)

  1. 1. In Vietnam, wealth is… The Wealth Report March 2012
  2. 2. 2 This is not a report about who has money and who doesn’t. This is not a study of High Net Worth Individuals and their assets. This is a study about Vietnamese people and what they think about wealth. Is love more important than money? Are designer labels important? And if they suddenly received a large amount of money, what would they do with it? We asked over 2000 people from our CimigoLive online panel for their opinions on wealth. To those of you who took part in the survey, many thanks. And for everyone else, we hope the findings are interesting. Please feel free to share this report with your friends and see whether they agree with what we found. Thank you. The CimigoLive Team
  3. 3. Save, save, save! We are a nation of savers. When asked what we do with money we have left over after paying our bills, most of us strongly agreed we would “Save it”. Only a few people would spend it today and enjoy it. Interestingly, it was people in HCMC rather than Hanoi who most strongly agreed with saving. 3 64 14 50 10 Save it Spend it Save it Spend it Save for the future, or spend & enjoy now? (%) Love is more precious than gold Most of us would rather be in love than be wealthy, if forced to choose. This is the same for males & females and across cities. But it seems the older we get the more important love becomes. Perhaps we begin to discover that love is easy to lose, but hard to replace. Healthy & wise is a priority over wealthy Across all types of people and geographies, there is overwhelming agreement that health and education are more important than wealth. There is even more agreement on this than there is on love. Perhaps we can say that the priorities of the people of Vietnam are Health, Education, Love, and then Wealth. Ha Noi HCMC 56 61 69 63 18 18 16 17 25 21 15 20 15-19 yrs 20-29 yrs 30 yrs+ Total Love is more important than Wealth (%) Agree Neutral Disagree 78 1013Total Education is more important than Wealth (%) Agree Neutral Disagree 87 58Total Health is more important than Wealth (%) Agree Neutral Disagree
  4. 4. We save a lot, but we‟d like to save even more Whilst 20% of our sample had no income, of those who did, 56% claimed to save 11% or more of their income. When asked what their ideal savings rate would be, 85% said it would be 11% or more. 4 12 33 36 14 6 0 14 60 20 5 Nothing <=10% 11%-30% 31-50% 51%+ Actual vs Ideal Savings (%) Ideal Actual Save first, don‟t borrow When asked how we would like to pay for an expensive new scooter, the overwhelming preference across all groups was that it is better to save first rather than take a loan and enjoy it now. Saving for the big treat The majority of us said we would prefer to save for a big treat than spend now on lots of small treats. Out of all groups, women were most likely to say they prefer small treats, 20% agreed on this. 84 80 82 5 6 5 11 14 13 Lower Income Higher Income Total Save & Buy Later vs. Borrow & Enjoy Now (%) Save First Neutral Loan Now 80 73 77 8 8 8 12 20 16 Male Female Total Save For Big Treat vs Spend On Many Small Treats (%) Big Treat Neutral Small Treat
  5. 5. 5 But, we like the status of “designer labels” More than half of us said designer labels are important, only a third disagreed. Perhaps surprisingly, there was no difference in gender or age, though HCMC residents were keener on labels than elsewhere. 24 19 22 22 HCMC Hanoi Male Female Strongly Agree Labels Are Important (%) 37 39 41 42 47 47 49 51 51 55 56 71 77 Health Insurance Smart Phone New Motorbike Pay a Debt Fridge, Microwave etc Education Holiday Camera, Computer etc Charity Clothes Party with friends Give to my family Save it I would „spend‟ VND20m on… (%) So what if we won VND20m – what would we do with it? 77% said we would save some of this windfall, and we’d save 37% of it. Giving to the family was the 2nd highest priority, and accounting for 17% of VND20m. Partying with friends and giving to charity were also in the Top 5. Saving is key, but sharing the luck is important too with family, friends, and charities in the Top 5. 1 2 2 3 3 4 5 5 5 7 7 17 37 Health Insurance Charity Party with friends Clothes Education Smart Phone Pay a Debt New Motorbike Fridge, Microwave etc Holiday Camera, Computer etc Give to my family Save it In these proportions... (%)
  6. 6. Wealth in Vietnam is… Across all age groups, incomes, and cities, saving is a priority for Vietnamese people. 56% of people currently save 11% of their income or more, but 85% would like to do so. We would rather save for a big treat than spend now on small treats. We would prefer to save for a big item like a new scooter, than to take a loan and enjoy it now. And, if we won a large sum of money, saving it would be a priority. That being said, health and education are paramount and if we had to choose between being wealthy or being in love, most of us would choose love. Furthermore, giving back to our families, sharing with friends, and making a charitable donation all feature highly in what we would do if we won some money. In these modern days, it often seems that the pursuit of money is the main focus. Of course we would like to have “designer labels” and feel good about ourselves. We know that wealth can bring a degree of happiness that comes from having financial security. However, Vietnamese people still have a balanced view on their priorities. Love, family, friends, society, health, and education are all very important. Wealth in Vietnam is not everything. 6
  7. 7. 7 Share the wealth We hope you enjoyed these results. Please do share them with your friends and see whether they agree with what we have found. Join in and express yourself At CimigoLive we regularly conduct fun surveys like this. If you haven’t already, we would like to invite you to join in and have your voice heard. Please join for free at Win prizes for you… Taking part in our surveys is fun and you could win a range of prizes, from video cameras to international holidays. …and support the community For many of our surveys, we make a donation to the Vietnam Red Cross Society. Your participation supports the community. CimigoLive‟s promise to you… We are a professional market research company.  We will never try to sell you anything  We will never share or sell your personal details  All results are anonymous
  8. 8. 8 About Cimigo… Cimigo is the largest independent marketing research consultancy in Vietnam. From our own 10-storey HQ in Ho Chi Minh City and through our other offices across Vietnam we work to listen to the voice of the consumer. We can be found at… Add: 9, Nguyen Huu Canh Street, Ho Chi Minh City Tel: +84 8 3822 7727 WWW: Email: We look forward to listening to you…