Retailers roll out seasonal offers

To prepare for a surge in consumer demand during the closing months of 2024 and into the Lunar New Year celebrations in January, many major retailers in Vietnam have been aggressively stockpiling goods, and simultaneously boosting attractive promotions.

Retailers roll out seasonal offers, Source: freepik.com

AEON Vietnam has launched a series of large-scale promotions at all its merchandise centres and supermarkets. Customers can enjoy shopping and selecting thousands of quality products at reasonable prices with countless discounts of up to 50 per cent. The programme focuses on products such as fresh food, household goods, fashion, cosmetics, and children and family items.

In addition to regular promotional programmes, AEON already implemented some countermeasures such as: adjusting the method of purchasing products, managing transportation and delivery activities, and improving the efficiency of operations to maintain product prices for customers. Moreover, it develops private brand products to offer customers quality products at a reasonable price.

Saigon Co.op has allocated around $417 million for goods, with an increase of 20-50 per cent depending on the product category, prioritising staple items such as rice, sugar, cooking oil, pork, poultry, eggs, and specialities. In the days leading up to the holidays, Co.opmart supermarkets will organise more mobile trips to remote areas, far-flung regions, and areas affected by storms and floods.

Manufacturers and retailers also predict that the looming holiday will not see the high levels initially anticipated. This is attributed to ongoing economic headwinds. Consumer spending declined in northern and central Vietnam and even in Ho Chi Minh City following Typhoon Yagi in September, as many consumers opted to save money for emergencies and cut back on personal spending.

“Today, customers are more inclined to save and focus on purchasing what they truly need, limiting expenditure on non-essential items. However, they still seek out experiences, events, and festivals, especially during special occasions. There is a strong desire for enjoyable and affordable experiences, which align with their changing priorities,” Hue said.

“Therefore, the key challenge for businesses is to adapt and develop strategies that align with market trends and meet customers’ evolving needs. Retailers must offer products and services that bring new values and experiences that fulfil the current customers’ demands and priorities,” Hue said.

Along with major retailers. Spending on online shopping usually increases in the second half of the year when platforms roll out promotions to stimulate demand.

During the 2024 Vietnam Mega Sales event July TikTok Shop quoted a survey conducted by international market research firm Kantar that showed 69 per cent of its users planned to shop more during the second half.

Based on this growth momentum, e-commerce platforms, including TikTok, are ramping up marketing activities to entice shoppers, focusing on home decorations, traditional fashion items, household goods, gifts, and food in the lead-up to the Lunar New Year.

AEON has adjusted its strategy to meet this demand by expanding our multi-formats. In addition to focusing on large shopping centres to provide experiences and spaces for customers, AEON also emphasises the development of neighbourhood supermarkets, saving time for customers with quick shopping needs. Furthermore, with the trend of online shopping, AEON has also upgraded AEON ESHOP, its e-commerce platform, to meet the need for convenient and fast shopping, product selection, and usage for customers.

TikTok has provided suggestions for businesses to optimise content, and products, as well as golden hours to leverage views, and vouchers to increase the conversion rate of buyers.

Research results conducted by market research company Toluna, commissioned by TikTok, on the attitudes and behaviours of consumers during the Lunar New Year showed that 62 per cent of users made purchases after discovering seasonal-related brands or products on TikTok. Around 95 per cent of TikTok users stated that they will participate in this year’s shopping season.

The research also provided insights into the attitudes and behaviours of consumers during Lunar New Year and their spending budgets. 52 per cent of users plan to manage their expenses more carefully during the period, presenting an opportunity for brands to offer high-value products.

Nguyen Lam Thanh, a representative of TikTok Vietnam, evaluated that social commerce is changing shopping habits in Vietnam. In particular, TikTok Shop contributes to combining entertainment and commerce.

“Engaging early on TikTok not only helps brands be considered in consumers’ choice lists but also drives shopping actions across multiple product categories,” Thanh said.

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