Tet gift market 2024: People are 'not in a hurry' to buy, aiming for the affordable segment
Less than a month to go until the Lunar New Year, but because of economic difficulties, purchasing power is still sluggish even though many manufacturers are preparing abundant supplies.
Businesses are "bustling", people are "slow"
Many retailers, shops and supermarkets have started to launch basket items.Tet giftswith affordable prices, easy to buy, diverse designs from the end of the 11th lunar month. According to the reporter of Cong Thuong Newspaper, compared to last year, this year's Tet gift baskets emphasize convenience, focus on quality and offer discounts for customers who order early in large quantities.
At shopping centers and systems ofsupermarketIn Hanoi, the price of Tet gift baskets this year ranges from a few hundred thousand dong to a few million dong. Traditional gift baskets usually include candy, jam, tea, wine, nuts, coffee, depending on the price, the products in the gift basket are also different, ranging from 300 to under 2 million dong depending on the needs of the customer.
In addition to the common products in each gift basket such as candy, tea, nuts, wine, etc., this year suppliers also designed unique and novel gift baskets to serve customers. In addition, this year the Tet gift basket market witnessed the appearance of clean agricultural products such as dried fruits, jams, cakes, and regional dried specialties.
At MM Mega Market supermarket, this Lunar New Year, the supermarket offers about 16 types of Tet gift baskets to customers with prices ranging from 300,000 VND to 2 million VND/basket. Similarly, the WinMart supermarket system has also launched many Tet gift basket models with the contents of Nhu Y - Cat Tuong - Phu Quy; An Khang - Dai Cat... priced from 299,000 - 699,000 VND/basket.
Having been in the agency business for many years, Ms. Tran Thi Hanh - the owner of an agency in Cau Giay district (Hanoi) said that this year the market is quieter than previous years. If every year at this time people start to go shopping for Tet dried goods such as candy, this year there has been no movement.
Ms. Duong (Ba Dinh, Hanoi) lamented:"There is only about a month left until Tet. Normally, at this time in previous years, Tet goods such as cakes, candies, Tet gifts, and decorations are sold everywhere, but this year they have decreased significantly. This year is a leap year, so Tet comes 30 days later than last year. And probably because bonuses have not been paid yet, no one has done any Tet shopping yet.", Ms. Duong explained herself.
Trend of "popular" segment
According to the reporter, this year, consumers' shopping needs have changed a lot. Instead of choosing high-value Tet gift boxes and baskets, many people prioritize choosing the affordable segment, focusing on practical value for consumers, while giving priority to domestically produced goods. Accordingly, up to 90% of the products in the gift baskets are made in Vietnam such as: agricultural products, cakes, jams, cooking oil, etc.
Every year, Ms. Lan's family (Hai Ba Trung District, Hanoi) usually spends about 500,000 - 1,000,000 VND to buy Tet gift baskets for both paternal and maternal grandparents. However, this year the economy is difficult, salaries and bonuses have decreased by 50%, so she plans to cut down on the gift money to reduce the financial burden. She said she only dares to buy gift baskets worth about 300,000 - 400,000 VND.
In the same situation, Mr. Cong (Hoang Mai, Hanoi) said that every year he sets aside some money to buy Tet gifts for his relatives. However, this year, his family's income has decreased by 40%, so the cost of gifts is also considered more carefully.
At a candy store on Dai Mo Street (Nam Tu Liem, Hanoi), Tet gift boxes priced at VND150,000-350,000 are stacked on shelves. Nguyen The Son, the store owner, said he started displaying the products in early December, but the gift baskets priced at over VND500,000 have not sold out yet. Meanwhile, the gift boxes in the affordable segment are very popular.
Mr. Son speculates that due to economic difficulties, people are tightening their spending. Grasping this trend of customers, confectionery companies also create Tet gift boxes with affordable prices."There are customers who buy 10 gift boxes for only 1.5 - 3 million VND. I sold 250 gift boxes priced from 150,000 - 300,000 VND, during the week", Mr. Son said.
According to records, at many grocery and confectionery stores in Hanoi, this year's Tet gift baskets still ensure factors such as diverse designs and types. However, due to economic difficulties, popular and practical gift baskets are more popular with consumers.
