[ Infographic] Vietnam retail sales surge ahead of Lunar New Year 2021

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Vietnam retail sales in January Lunar New Year 2021 recorded significant growth ahead of the country’s biggest holiday of the year.

Lunar New Year 2021

  1. According to the General Statistic Office (GSO), the retail sales increases 6.4 percent, generating about US$20.77 billion in January Lunar New Year 2021. The figure is also 3.7 percent higher than December’s. Sales from consumer goods accounted for 79 percent of the retail revenue, increasing 8.7 percent year on year. Accommodation and food service sector generated more than US$2 billion, rising 2.7 percent compared to December but dropped 4.1 percent year on year.    
  2. Sales from other services were up 1.1 percent compared to last month  and 7.3 percent compared to last year. 
  3. It is expected to witness a blooming in the sales revenue in  the Vietnam retail industry as the Lunar New Year 2021 comes. Supermarkets, shopping centres and retailers have recorded both high traffic and striking revenue as people tend to do big-shopping preparing for the holiday
  4. Stated in the recent study by NielsenIQ. Specifically, the Lunar New Year 2021 (which is also known as the Tet holiday) is the biggest festive event in Vietnam. It is the time of year when migrant workers return to their home towns to spend time with family and friends. Regarding the FMCG industry, this holiday marks a special date in the calendar as consumers begin rushing to supermarketing and stocking up for the holiday. Popular yet predictable product categories such as beers, beverage, candy, biscuit and coffee and 
  5. It is a red-letter holiday in Vietnam’s FMCG calendar, as sales are higher than during non-festive periods.Popular Tet consumption categories are with volume growth ranging from 10 to 50 per cent, depending on category.
  6. As the consequence of limited travelling from the government during the second wave of SARs-Covid 19. The revenue of the travel and travel segment continued to decline by 62% year-on-year, food service revenue also decreased 4.1% due to the impact of the Covid-19 epidemic.
  7. In terms of activity, retail sales of goods recorded VND 378.9 trillion, accounting for 79% of the total and increased 8.7% over the same period last year. Estimated revenue from accommodation and catering services was 48.7 trillion VND, accounting for 10.1% of the total and decreasing 4.1% over the same period last year.
  8. In which, online sales revenue increases by 20-25% compared to Tet 2020, accounting for 5-7% of total sales, the proportion of customers making online payments accounts for 10 -20%, an increase of about 15% compared to Tet 2020.
  9. Inventory after Tet is less than 10%. Since the 4th day of the new year, most supermarkets and convenience stores have reopened, the supply of goods is plentiful. -10% compared to normal days, but down about 10% compared to Tet in 2019. The price of goods at the market is stable, there is no sudden increase in prices. Business households are less than 2020, the number of shoppers in the 2 days close to Tet will increase by 15-20% compared to the previous days, 20% lower than the same period of Tet in 2019.

Sum up overall sales revenue of Lunar New Year 2021

Boxme’s partners across the Southeast Asia region in Malaysia, Thailand, Indonesia reported the same quiet situation in the market. As a consequence of Covid-19 in SEA regions, even the sales happen prior to the Lunar New Year 2021 event, little to no encouragement for customers to splurge in shopping either online or offline. 

>> Read more: Trends and Insights for Chinese New Year 2021 in Malaysia

>>Read more: Hitz products in e commerce in welcoming the Lunar New Year in Indonesia

>> Read more:E-commerce during New Year 2021: Trends to watch out for

On the opposite, Vietnam still recorded a striking revenue before and after the sales event of Lunar New Year 2021. During the Lunar New Year 2021 sales season, numerous promotional campaigns on high-demand food categories are offered to stimulate consumption, furthermore, marketing strategies on up-selling F&B categories are strongly pushed out. E-commerce marketplaces are on the same page of vigorously provoke customer shopping demand by offering not only huge sales campaigns but also claim working and delivery throughout the Tet holiday. 

>>Read more:Lunar New Year Tet 2021 in the phase of Covid-19

>> Read more: Lunar New Year: How to Boost Your E-commerce Sales

More readings?

>> Read more:[Infographic] Vietnams E-commerce landscape 2020

>>Read more: E-commerce during New Year 2021: Trends to watch out for

>>Read more: Vietnam eCommerce is heading for the period 2021 – 2025

 

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