HANOI, July 10 (Xinhua) -- Vietnam's domestic consumption is likely to lose steam as consumers face uncertainties, along with changes to shopping trends, Vietnam News reported Tuesday, citing industry insiders and economists.
Dang Thuy Ha, director of Customer Behavior Research at NielsenIQ Vietnam, a market research firm based in Ho Chi Minh City, cited a report showing that during the first quarter of this year, 62 percent of Vietnamese consumers opted to cook at home more and tighten spending on non-essential items.
About 50 percent reduced purchases of luxury goods, over 30 percent postponed major expenses and around 40 percent are spending more cautiously, according to the report.
Ha said consumers felt the need to be cautious in spending habits due to ongoing economic difficulties and this is likely to last at least another six months to a year.
Nguyen Phuong Nga from Kantar Vietnam, a market research company based in Ho Chi Minh City, said consumers now shopped less frequently but on a greater number of channels with average spending per purchase on the rise, making attracting and retaining customers necessary.
Vietnam's total goods retail sales and consumer service revenues increased by 8.6 percent year on year in the first six months of 2024 to more than 3.09 quadrillion Vietnamese dong (121.39 billion U.S. dollars), according to the latest statistics of the country's General Statistics Office.■
