Unpopular Products: Inverted Wall-mounted Mercedes Cars and Sony TVs

In the first month of the lunar year, the gold market is experiencing a slump, with the "high-end" items hanging upside down on the wall.

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On the afternoon of February 23rd (the 14th day of the lunar January), before the Full Moon of January, Hang Ma street was deserted with few visitors. The variety of gold items was also limited. There were no appearances of “Villa with swimming pool”, “Spacious garden villa”… but only basic gold items, along with some remaining items from Lunar New Year.

The street, known as the “capital of gold items” in Hanoi, was quiet, unlike other important festive occasions throughout the year.

The rainy weather made the gold shops on Hang Ma street even more desolate.

Ms. N., the owner of a gold shop here, explained: “This year, most customers have already bought gold items since Lunar New Year, and now they are bringing them for valuation. Fewer people are buying new gold items.”

That’s why the gold shops here are not importing many new items. “Furthermore, the demand for gold items from consumers seems to have changed. Large-sized gold items like villas, cars… are less popular among consumers. I imported 2 large 3-story villas, priced at over 200,000 dong last year, but they were only sold during Lunar New Year. So for now, I temporarily stopped importing,” said another gold shop owner.

With few customers and low demand for large gold items, special items like Mercedes cars, Sony TVs… were hung upside down on the wall, becoming leftover inventory.

TV gold item.

Gold shop owners said they have to wait until the Full Moon of July to continue importing these “grand” gold items for sale.

According to a survey, consumers buy fewer gold items on the Full Moon of January because many people have prepared in advance. Moreover, consumers are starting to hesitate burning (melting) these large gold items.

Meanwhile, Mr. Pham Tuan (Cau Giay, Hanoi) said: “My house is in a collective housing area, there is no place to burn gold. I can only take it down to the collective housing yard and burn it. If there is too much gold, there will be a big fire and it’s not safe due to the limited fire prevention and fighting measures.”