Ho Chi Minh City: Businesses promote price reductions to stimulate purchasing power at the end of the year

Currently, businesses and distributors in Ho Chi Minh City are implementing a series of deep discount and promotion programs to stimulate purchasing power at the end of the year, especially towards Lunar New Year 2025.

Consumers are increasingly tightening their spending and giving priority to choosing discounted and promotional products.

According to Tin Tuc reporters, at Go Vap market, Ba Chieu market, Thu Duc market... there are no longer crowded customers like in previous years. Fashion, food, and household items, which are "hot items" at the end of this year, are also sparsely populated. Ms. Le Thi Hong, a clothing trader at Go Vap market, shared: "The end of the year is usually the time when sales increase, but this year the number of customers has decreased sharply. There are days when I only sell a few sets of clothes, the total revenue is only about 2 million VND, equal to 1/3 compared to last year". Similarly, shoes and handbags also do not show positive signs. Ms. Do Thuy Trang, owner of a shoe store on Do Xuan Hop street, Thu Duc city, shared: "Consumers now prioritize cheap products with eye-catching designs. Shopping habits have also changed as many people switch to buying on e-commerce platforms with more competitive prices".

Items in traditional markets are increasingly lacking buyers.

According to businesses, in the context of many economic difficulties, consumers are prioritizing savings, focusing on essential products and avoiding unnecessary purchases. PwC's survey shows that 63% of Vietnamese consumers expect to increase spending on essentials, followed by clothing (52%) and healthcare products (48%). However, spending on non-essential items is still cut. Mr. Rakesh Mani, PwC Asia Pacific Consumer Markets Leader, commented: "Vietnamese consumers are facing many economic pressures, from inflation to rising living costs. Although concerns about an economic recession have decreased compared to last year, 77% of Vietnamese consumers are still worried about finances, especially the Gen Z group (87%)." Mr. Nguyen Nguyen Phuong, Deputy Director of the Department of Industry and Trade of Ho Chi Minh City, also said that at the end of the year, consumers are only willing to stick with brands that are truly trusted and have reasonable prices. Therefore, businesses that want to increase purchasing power need to build trust in all aspects and form sustainable connections with consumers through good quality products at reasonable prices.

In the context of declining purchasing power, businesses in Ho Chi Minh City are actively implementing promotional programs to attract customers. Specifically, the Ho Chi Minh City Union of Trading Cooperatives (Saigon Co.op) launched the program "10 golden days - Shop freely" with discounts of up to 50% on household goods, fashion, and food. In addition, the program "Go to the market for the same price of 10,000 VND" is applied to vegetables, along with fresh food products with discounts of 15% to 20%.

Home appliances are chosen by customers because of their affordable prices.

At the MM Mega Market system, the "Professional Customer 2024" festival is being implemented with the policy of "buy more, get cheaper". This unit applies discounts of up to 12% for large orders and early orders during the Lunar New Year. Mr. Regis Delesque, Operations Director of MM Mega Market, shared: "The end of the year is a bustling shopping time. We strengthen the preferential price strategy to anticipate consumer trends and accompany Vietnamese businesses to maintain a stable source of goods". To ensure the source of goods to meet consumer demand at the end of the year and during Tet, the Department of Industry and Trade of Ho Chi Minh City has also directed districts, towns and Thu Duc City to closely monitor market developments and prices of goods. The Management Board of Traditional Markets is required to strengthen inspection, management of prices, product quality and price listing. At the same time, people are advised to avoid consuming products of unknown origin or of poor quality. Source: https://baotintuc.vn/thi-truong-tien-te/tp-ho-chi-minh-doanh-nghiep-day-manh-giam-gia-kich-cau-suc-mua-dip-cuoi-nam-20241126133952149.htm