Tet 2024: Is enthusiasm for shopping still prevalent?

'Focus’ and ‘caution’ are two key words that represent the shopping demand for Tet (Lunar New Year holiday) goods. Moreover, these also reflect consumer purchasing behaviour, as observed during the recent Black Friday sales, Dr Ai-Phuong Hoang, senior program manager for digital marketing at the Business School, RMIT Vietnam, wrote.

'Concerning ‘focus’, consumers tend to prioritize essential needs, especially for products that offer health benefits and sustainability. Luxury and non-essential goods might receive less attention. To influence purchasing decisions, retailers should not only emphasize discounts or brand names but anticipate a market oriented towards value, quality, and practicality.

What about ‘caution’? Consumers' hesitancy during sales events like Black Friday stems from current economic challenges, leading to more judicious spending habits. This change is also amplified by a shift in consumer values, where impulsive or unnecessary purchases are avoided.

It is important to note that in recent years, power has shifted from the seller to the buyer. Customers will purchase products they need (based on actual demand), when they desire (not necessarily during Tet), and in the manner they prefer (offline or online). They are conscious consumers. Therefore, the better retailers understand their customers, the higher their profits will be.

There are various strategies for retailers to motivate shoppers.

Firstly, emphasize value and quality in their offerings, aligning with the consumer shift towards essential and meaningful purchases.

Secondly, develop targeted promotions that cater to the specific needs and preferences of consumers, such as bundled deals on essentials or health-focused products.

Thirdly, enhance the online shopping experience, considering the growing preference for e-commerce, with a focus on user-friendly interfaces and efficient services.

Forthly, incorporate sustainable and health-conscious products in their inventory, appealing to the increasing segment of environmentally and health-aware consumers.

Fifthly, foster community engagement and loyalty through local events and reward programs to build long-term customer relationships.

And last but not least, maintain transparency in marketing and pricing to gain consumer trust and credibility.