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Retailers anticipate business to pick up in year-end shopping season
Vietnam News - 12/4/2023 11:03:03 AM
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Retailers in Việt Nam are increasing inventory and have launched promotions in anticipation of opportunities in the year-end shopping season, as there are just over two months left until the Lunar New Year (Tết) – the biggest festival in a year of Vietnamese people.
Experts predict that from now until the end of this year, retail sales of goods and services may increase again as the domestic economy is gradually recovering and disbursement of public investment continues to be promoted.
It is forecast that consumer demand for essential goods will surge during the Lunar New Year, so many businesses have implemented plans to stock up on goods and negotiate with suppliers to ensure supplies.
Keeping pace with the market, major retailers such as Saigon Co.op, Aeon, Lotte Mart, Winmart, MM Mega Market have been continuously conducting major promotions in all commodity groups.
On November 24-25, Hà Nội Midnight Sale, a large-scale promotion event, attracted about 2.4 million shoppers who enjoyed more than 3,000 promotion programmes worth over VNĐ25 trillion (US$1.03 billion), up 20 per cent over last year’s edition.
This year, it drew about 200 businesses, trade centres and producers, and fashion brands. There were over 10 million visits to the online shopping website.
A highlight of the event is a flash sale display area at Big C Thăng Long supermarket with the participation of nearly 20 brands offering discount of up to 70 per cent.
A representative from Big C stated that the supermarket experienced a significant spike in visits, almost 230 per cent higher than on other days of the week.
The Winmart chain also reported a 140 per cent increase in sales and visits compared to other days of the week.
Japan's AEON reported that sales and foot traffic at AEON Mall Hà Đông and AEON Mall Long Biên malls increased by nearly 200 per cent during the three-day event. The website and mobile app traffic for shopping also nearly tripled compared to regular weekdays.
Vũ Thanh Sơn, general director of the Hanoi Trading Corporation (Hapro), said that to meet increasing consumer demand during the Lunar New Year 2024, Hapro's affiliated units and member companies have made plans to reserve goods worth up to VNĐ1 trillion ($41.2 million).
The Big C supermarket chain shared that since September, the unit signed agreements with partners to supply goods for Tết with a 20 per cent increase in volume compared to the previous Tết.
At the Co.op Mart supermarket system, the amount of goods to serve Tết will rise by about 30 per cent over the same period last year and 50 per cent compared to normal days.
According to Lê Việt Nga, deputy director of the Domestic Market Department under the Ministry of Industry and Trade, the ministry will continue to coordinate to closely monitor market developments, ensure sufficient supply of essential goods, especially during holidays and Tết, to prevent product shortages or price wars. — VNS
Read original article here
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