Kantar Worldpanel has released its report “New Year 2018: Season of giving love” (Tet 2018: The Season of Giving). The study was conducted 4 weeks before the Lunar New Year in four major cities and rural Vietnam.
The main news of the report
Purchasing power in the Tet season 2018 is estimated at over 45 trillion VND, accounting for nearly 1% of Vietnam’s 2017 GDP. In urban areas, Tet 2018 is approximately equal to Tet 2017 (the highest level in recent years), while continuing to reach a new record in the countryside.
While urban consumers tend to stock up early (starting 2 weeks before Tet), consumers in rural areas focus on shopping in the last week of Tet.
Tet gifts are still an indispensable custom and a key factor driving growth as the value of gifts increases steadily each year. Rural areas have almost caught up with urban areas in terms of gift value.
Consumption habits during Tet
- With the increased selection of goods and shopping channels, consumers are willing to spend more or choose high-end products for Tet.
- Consumers tend to buy products with larger packaging.
- Tet shopping baskets at supermarkets / hypermarkets are diverse, while the mini supermarket / convenience store is oriented towards Food and Beverages. Meanwhile, personal consumption goods are bought a lot in online channels.
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David Anjoubault – General Manager, Kantar Worldpanel Vietnam
* Source: Kantar Worldpanel