Demand weakens as Tet nears

The domestic market is experiencing sluggish demand for essential Tet (Lunar New Year) goods as the country's largest traditional holiday nears.

Shoppers at a supermarket in Hoang Mai district (Photo: VNA)

In some traditional markets such as Xom, Ha Dong, Nghia Tan, Trung Van, and Long Bien wholesale market in the capital city of Hanoi, Tet goods like dried bamboo shoots and vermicelli, mushrooms and processed foods are abundant and the selling prices are stable. However, demand for Tet goods in these markets is slower compared to the same period last year.

Thuy Cuong, a trader at Long Bien market, told Cong an nhan dan Online (Public Security News) that every year around this time, wholesalers usually buy large quantities of goods to reserve for Tet. This year, few of them have come even though the selling prices of goods are stable, as the demand remains low.

Nguyen Thanh, another trader in Ha Dong district said the supply of agricultural products is now quite abundant and their prices remain stable, but so far not many consumers have come to her shop.

Thanh said she hoped that demand would soon increase.

Meanwhile, Nguyen Ngoc Yen who sells food products for Tet in Hai Ba Trung district, said she has not had large orders this year despite a stable number of wholesale customers.

Yen said that every year, she receives an order for beef cuts and coconut candy worth over 100 million VND (over 4,000 USD), but this year customers only ask for prices and do not place orders, as they are surveying local demand.

Amid sluggish demand in the local market, supermarkets are offering promotional campaigns to attract more customers.

A representative of the WinCommerce retail system said that WinMart supermarkets and WinMart /WIN stores nationwide have put many Tet goods such as dry goods, candy, beer, wine, and soft drinks on the shelves at preferential prices.

Similarly, BigC is offering a 50% discount on personal care products, beauty care, household appliances, fresh food, dry food and spices, according to a representative of the Central Retail system.

Tran Thi Phuong Lan, Acting Director of the Hanoi Department of Industry and Trade, said that Tet goods at wholesale markets or big supermarkets are quite abundant and prices are stable.

Ministries, branches and localities have been implementing activities to connect supply and demand and facilitate the consumption of goods, especially Vietnamese-made ones, during the Tet holiday.

The country's revenue from retail trade and services totalled an estimated 256 billion USD last year, rising 9.6% year-on-year, lower than the 20% growth seen in 2022.

If the price factor was excluded, the 2023 growth would be 7.1%, less than half of last year’s 15.8% increase, the General Statistics Office said.

Retail sales revenue in 2023 was estimated at 200 billion USD or 78% of the total and up 8.6% year-on-year. Of these, food and foodstuff revenue increased 11.7% and sales of household appliances rose 7.5% over last year.

Revenue from accommodation and eating out topped 27.7 billion USD, making up 10.8% of the total and surging 14.7% year-on-year. Meanwhile, revenue from travel services increased significantly to 1.56 billion USD, up 52.5%.

The GSO said revenue from services hit 27.2 billion USD, up 10.4% year-on-year./.

VNA