(VOVWORLD) - According to a recent survey by the Kantar Vietnam Company, a market research firm, Vietnamese consumers are still struggling from the financial effects of the COVID-19 epidemic. This is affecting shopping trends and habits, forcing businesses to adapt.
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Nguyen Phuong Nga, Senior Business Development Director of Kantar Vietnam, said that, although consumers are more optimistic about the economic situation in the coming months, purchasing power is seeing limited growth.
"Kantar predicts that the Lunar New Year (Tet) market will be slow. Consumers will not spend massively. Usually, 3 to 4 weeks before Tet, consumers go to supermarkets to shop, but this year, people will spend moderately," said Ms. Nga.
Kantar's surveys show that consumers’ priorities have changed, putting health ahead of home and personal needs. They are choosing discounted products and comparing prices between distribution channels. Producers are advised to understand the changes in spending habits and rapidly shift their production and business methods.
Vu Kim Hanh, Chairwoman of the High-Quality Vietnamese Business Association, said: "Businesses must pay attention to the quality of goods and develop a service system. It is important that businesses adapt to current changes."
Specifically, businesses need to expand sale channels and deliver more convenience to buyers.
Nguyen Le Quoc Tuan, General Director of the Song Huong Foods Company, said: "Song Huong Foods sells products through large retail chains to meet the Tet demand. We are expanding our online sales channels for Tet gifts. Currently, consumers want to buy gifts directly, so we are focusing on offering gift boxes priced between 100,000 and 120,00 VND. Gift boxes are trending this Tet."
Luong Van Vinh, General Director of the My Hao Cosmetics Chemical Joint Stock Company, said: "Now consumers want good prices and good quality products, so companies need better promotions during the year-end season. At the same time, staff will increase customer care and expand market coverage."
Economic fluctuations have been affecting the shopping habits of Vietnamese consumers. Therefore, it will be very important during this year's Lunar New Year for businesses to stay connected and maintain their product value to attract buyers.