Purchasing power is projected to increase by about 10% during Lunar New Year 2024

Customers go shopping at a Co.opmart supermarket in HCM City. — Photo phapluat.vn

HÀ NỘI — Experts expect that purchasing power during the Lunar New Year 2024 holidays may increase by over 10 per cent compared to the same period last year.

The supply of essential goods has been also proactively prepared by businesses very early, with the amount of inventory increasing by 10 – 25 per cent over the same period.

Implementing the instruction of the Ministry of Industry and Trade, up to now, many localities such as Hà Nội, HCM City, Đồng Nai, and Ninh Thuận, have issued plans to implement its market stabilisation programmes in the last months of this year and during the year-end and the Lunar New Year (Tết) holidays, which assigns tasks to businesses producing and distributing goods to proactively prepare sources of goods to serve the consumption needs of people in the province, organising fixed and mobile sales points combined with the programme to bring Vietnamese goods to the countryside and the market stabilisation programme to bring goods to all people at stable prices.

To stimulate domestic consumption, many businesses have plans to deploy promotion programmes and discounts on many essential consumer products, especially in the months leading up to Tết.

The Departments of Industry and Trade in localities such as Hà Nội and HCM City have also worked with many businesses and units to implement market stabilising and promotion programmes, connect supply and demand, especially regional linkage programmes, and coordinate with other provinces and cities to create a stable source of goods in quantity, ensuring the best quality to serve the city’s great needs.

Retail sales of goods increased by 8.6%  

Customers go shopping at a WInmart supermaket. — Photo WInmart

According to the report on the implementation of Resolution No. 01/NQ-CP, total retail sales of goods and consumer service revenue in November 2023 is estimated to increase by 1.4 per cent over the previous month and by 10.1 per cent over the same period last year.

Specifically, trade and service activities in November are quite exciting in preparation for the major holidays at the end of the year and to celebrate the Lunar New Year 2024. The demand for food and cultural items, education and accommodation services, food and beverage, and travel continue to maintain an increasing trend compared to the same period last year.

In the first 11 months of 2023, total retail sales of consumer goods and services are estimated to reach VNĐ5,667 trillion, an increase of 9.6 per cent over the same period last year, if excluding the price factor, it will increase by 7.0 per cent (same period in 2022 increased by 16.6 per cent).

Retail sales of goods alone are estimated at VNĐ4,420 trillion, accounting for 78 per cent of the total and up 8.6 per cent over the same period last year (excluding the price factor, which increased by 6.8 per cent). Of which, the group of cultural and educational items increased by 14.7 per cent; food increased by 11.4 per cent; apparel increased by 7.6 per cent; household appliances, tools and equipment increased by 6.3 per cent; and vehicles alone (except cars) decreased by 3.3 per cent.

Some localities have increased retail sales of goods in the 11 months of 2023 compared to the same period last year, such as Quảng Ninh increased by 12.4 per cent; Bình Dương increased by 10.8 per cent; Khánh Hòa increased by 10.7 per cent; Hải Phòng increased by 9.9 per cent; and Cần Thơ increased by 9.4 per cent. — VNS