As Tet approaches, customers in mood to spend
Purchasing power for the traditional Lunar New Year (Tet holiday) will increase 10% from the same time last year, according to the Ministry of Industry and Trade.
Businesses have been stockpiling essential goods to ensure supply during the Tet season, with the volume of inventory rising 10-25% year-on-year.
A latest report from the ministry showed that total retail sales of goods and services in December 2023 expanded 2.6% from the previous month, and 9.3% as compared to the same time in 2022.
Demand for food, accommodation, catering services and travel was on upward trend in the end of the year 2023.
Deputy Minister of Industry and Trade Phan Thi Thang said that localities nationwide have issued plans to roll out market stabilisation programmes during the year end and Tet holiday.
Accordingly, they assigned tasks to businesses to proactively prepare goods and arrange fixed and mobile sales points to bring Tet products to all people at stable prices.
In the context of economic difficulties, many enterprises are planning to run promotional programmes and discounts on many essential consumer products, especially in the month leading up to Tet, she said.
The Departments of Industry and Trade in big cities like Hanoi and HCM City have also worked with competent sides to implement market stabilisation and promotion programmes, and coordinate with other provinces and cities to ensure stable supply of quality goods to serve the cities' great needs.
A representative from Lotte Mart said purchasing power for Tet holiday may surge around 20%, adding the supermarket will focus on Tet essential goods such as confectionary, gift sets and beverage.
Wincommerce, the retail arm of Masan Group, which operates more than 3,600 Winmart supermarkets and convenient stores nationwide, said it is planning to increase the supply of MeatDeli products, and run a discount of 20% for its 7 million members.
Meanwhile, Vissan Joint Stock Company, which processes and sells fresh and frozen meat and processed foods, said it will carry out 10-20% discount programmes on weekends to stabilise the market, given that economic challenges may affect the purchasing power.
Total retail sales of consumer goods and services in 2023 were estimated at more than VND6.23 quadrillion (over US$254 billion), up 9.6% year-on-year. Retail sales of goods alone were VND4.85 quadrillion, increasing 8.6% from the previous year (6.9% if excluding the price factor).
Localities with higher retail sales of goods as compared to 2022 included Quang Ninh (12.2%), Binh Duong (11.4%), Hai Phong (10.4%) and Dong Nai (9.1%).
