80% of Vietnamese will spend extra funds to celebrate the Lunar New Year.
Level of New Year’s expenses in 2021 has increased compared to the previous year.
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A survey by Robocash Group in VietnM, Indonesia and the Philippines has revealed that 61% of respondents are planning additional expenses to celebrate the Lunar New Year. Meanwhile, in Vietnam the share of such respondents is the highest, amounting to 80%.
The survey has shown that the festive traditions in Vietnam are especially strong. While the total share of respondents who plan additional costs for the New Year is 61%, in Vietnam it amounts to 80%. Meanwhile, in Indonesia and the Philippines, 52% and 54% respectively are ready to spend extra money for this purpose.
Similarly, the share of people who are going to increase their festive spending this year is the highest in Vietnam – 55%. At the same time, 25% of Filipinos and 16% of Indonesians have such intentions.
The group’s analysts explain that the level of New Year’s expenses in 2021 has increased compared to the previous year, due to the underconsumption resulting from the pandemic. Such an underconsumption makes people want to compensate for it with positive emotions. A gradual improvement in the economic environment also influences the festive mood and the level of spending.
Interestingly, in 2021, 58% of the surveyed Asians plan to apply for additional funds with the help of online financing tools. The Vietnamese are heading the trend again: as many as 89% of respondents from this country are willing to borrow money to celebrate holidays. In the Philippines and Indonesia, this figure was 53% and 37%, respectively. Such data suggests that online financing amid the challenging COVID-19 environment becomes a reliable means of maintaining New Year’s traditions.