The story of year-end prices
Rice prices have risen slightly, pork prices have increased across the board, consumer goods prices have edged up, gold prices remain high, and land and apartment prices continue to rise, making them unaffordable… The price information published by newspapers, online news sites, and social media in the final days of the year is causing anxiety among the public.
Every year, towards the end of the year, leading up to the Western New Year and the Lunar New Year, most goods and services see a price increase compared to normal. Even though the Ministry of Finance has proposed solutions to manage and control prices since the middle of this year, contributing to market stability, prices continue to rise. Meanwhile, many experts predict that the year-end shopping season will be more bustling and vibrant after a long period of consistently low purchasing power.
The market will undoubtedly be more vibrant than usual during the year-end period. This is inevitable as every family wants to prepare for the new year in a more prosperous way. The end of the year is also often expected to be a peak season for consumer spending due to the many extended holidays. However, many statistics show that the trend of people tightening their belts is also continuing, making efforts to stimulate consumer demand at the end of the year for many goods more cautious.
People's tightening their belts also reflects a trend towards more practical consumption, avoiding the wasteful spending of the past. Even for making traditional Tet rice cakes, families are considering not wrapping or ordering as much as in previous years. People are hesitant to spend lavishly and are waiting for promotions and discounts. Therefore, manufacturers need to employ various strategies to stimulate demand and sell their products.
Nevertheless, within the retail structure, essential goods (food, groceries, etc.) will see considerable growth towards the end of the year, as these are items that "everyone uses" and account for a large proportion. As for categories such as automobiles, transportation, and cultural items, economic experts predict relatively slow growth, reflecting that purchasing power, although recovering, is not yet as high as before the Covid-19 pandemic.
