Businesses and traders expect year-end purchasing power

At the end of the year, production, business, shopping and spending activities are boosted. This is also an opportunity for businesses and small traders in the province to boost production and sales of products.

According to data from the Department of Industry and Trade, retail sales of goods and service revenue in the province in October 2023 are estimated at VND 3,135.2 billion, up 15.30% over the same period last year. In the first 10 months of 2023, total retail sales of goods and service revenue reached VND 31,413.7 billion, up 16.45% over the same period in 2022. These figures are the basis for businesses and business households to expect growth in the retail market in the coming time.

Coop Mart Thanh Ha Supermarket always provides enough goods for consumers at the end of the year. Photo: Van Ny

Mr. Tran Quoc Sanh, Deputy Director of the Department of Industry and Trade, said: At the end of the year and during the Lunar New Year, people often have higher shopping habits and needs. Therefore, retail sales of goods will increase compared to the first months of the year. During this time, retail units also apply many consumer stimulus programs and plans to meet abundant supply of goods for the peak business season. Through October, the retail market had a growth rate of more than 15% over the same period, which is a very impressive growth rate. To take advantage of the wave of increased consumption at the end of the year, businesses in the province have taken many measures to stimulate domestic shopping.

Ms. Nguyen Thi Anh Dao, Director of Co.opmart Thanh Ha, said that the unit is also looking forward to the year-end trade rebound. Accordingly, essential goods will increase sharply in the supermarket, including rice, sugar, cooking oil, livestock meat, poultry, processed foods, vegetables, eggs, seafood, etc. To stimulate consumption at the end of the year and during Tet, the unit will reduce prices of many items by 10% compared to the market level. Other items will be discounted by 10-15%, especially goods with the Co.opmart private label.

Regarding electronics and household appliances, Mr. Nguyen Huu Duy, Director of Hoang Duy Duong Electronics Center, Thong Nhat Street, Kinh Dinh Ward (Phan Rang - Thap Cham City) said: In order to serve people's shopping needs at the end of the year, we will double the amount of goods on the coming days and will apply shopping stimulus programs such as: Discounts from 5-20%, giving promotional gifts and gratitude, giving birthday gifts to customers who have shopped at the center, consumers buying goods in installments without interest and free shipping within the city area. From now until Lunar New Year, the demand for household appliances often increases, so we hope that purchasing power will be better at the end of the year.

For businesses making traditional Tet products, the last months of the year are a great opportunity to speed up production, meet orders and prepare for new opportunities for the following year.

Consumers choose to buy products at Co.opmart Thanh Ha Supermarket.

According to Ms. Vo Thi Thuy Trang, owner of Thuy Trang facility, Dong Hai ward (Phan Rang - Thap Cham city), which produces and trades OCOP products for Tet such as: Seaweed jam, raisins, dried apples, Ba Bay fish sauce..., the facility is currently hiring more workers and increasing the purchase of raw materials for jam production and dried fruits to serve customers during the traditional Tet holiday. In addition to preparing raw materials, printing packaging and labels for Tet products is also focused on.

Not only large distributors, small retailers also have high expectations for the year-end shopping season from now until Lunar New Year 2024. Ms. Truong Huynh Linh, a clothing retailer at Phan Rang market, shared: In recent months, trading activities at the market have been quiet and gloomy. Now we only look forward to the months before Tet, when people will shop more to make up for the previous months.

For consumers, the end of the year is the "golden" time to take advantage of "hunting" for promotions and buying discounted products from suppliers. Ms. Nguyen Thuy An, Kinh Dinh ward said: At the end of the year, almost all supermarkets and brands will apply promotions, discounts, gifts... Therefore, every year I wait until the end of the year to buy necessary items and equipment for my family.

With solutions to share spending pressure with consumers, businesses expect retail sales to increase by 20-30% during the peak shopping season at the end of the year and the upcoming Lunar New Year.

Red Moon

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