Shopping frenzy in Ho Chi Minh City as businesses offer irresistible promotions for 30/4 and 1/5 holidays
In order to support businesses in increasing sales and boost purchasing power during the five-day holidays of April 30 and May 1, the Ho Chi Minh City Department of Industry and Trade has encouraged supermarkets and other businesses to organize promotions and discounts, especially on essential goods.
On April 30, shopping and dining venues in Ho Chi Minh City witnessed a surge in customers, with foot traffic doubling or even tripling compared to normal days. Notably, since the first day of the holiday period, major shopping malls in the city have been bustling with shoppers seeking respite from the heat, particularly during the peak hours of 10:00 AM to 9:00 PM each day.
Abundant and Enticing Offers
Data from retail giant Saigon Co.op, which holds the largest market share in Ho Chi Minh City, indicates a 30-40% increase in sales at its supermarket chains during the first two days of the holiday.
Moreover, the retailer reported a significant increase in demand for heat-relieving products such as soft drinks, energy drinks, electrolyte beverages, and nutritional supplements, with sales rising by approximately 30% compared to the previous month.
OCOP products designed to quench thirst, including coconut water, lotus heart tea, bitter melon tea, and spinach powder, have also seen a surge in popularity. Co.op’s own-brand products, such as Co.op Select lemon tea, Co.op Select aloe vera, Co.op Select herbal tea, and Co.op Select tamarind juice, have experienced a 50% increase in sales compared to the previous month due to their convenience, ready-to-drink nature, and浓郁 flavors.
Given the extended five-day holiday period this year, consumers are spending more time shopping at supermarkets and malls. To cater to the increased demand, Saigon Co.op has designed and implemented a wide range of attractive promotions and large-scale activities to stimulate consumer spending. These include a “big holiday meal, no worries about the price” promotion with discounts of up to 50% or buy-two-get-one-free offers on ready-to-eat and ready-to-cook products. Additionally, the “celebrating the holidays, save up to half” promotion features deep discounts ranging from VND 39,000 to VND 795,000 (equivalent to a 50% reduction) or buy-two-get-one-free deals on homeware and clothing.
Similar trends were observed at supermarket chains operated by Central Retail Group, such as GO! and Top Market, which reported a significant increase in customer traffic and sales over the past two days. At these supermarkets, shoppers primarily focused on purchasing fresh produce, processed foods, refreshing summer beverages, fashionable clothing, and local specialties.
To attract customers, GO! and Top Market supermarkets are also offering special “grand holiday promotions.” These year-end promotions, running from April 18 to May 1, feature discounts of up to 50%.
Winmart supermarket chain has implemented various promotions, including a 20% discount on its WinEco clean vegetables and MEATDeli clean meat, as well as “super shock prices,” buy-one-get-one-free, and buy-two-get-one-free deals on essential items and clothing. Other supermarket chains, such as Bach Hoa Xanh, MM Mega Market, and Emart, have also joined the promotional frenzy, offering discounts ranging from 10% to 50%, primarily on food items and fresh produce.
Shopping malls, including Vincom Center (District 1), Diamond Plaza (District 1), Van Hanh Mall (District 10), Hung Vuong Plaza (District 5), and Crescent Mall (District 7), have also announced 10%-50% discounts to entice shoppers and provide entertainment options.
”Staycation” Trend Gains Traction
Representatives from several retailers attribute the increased foot traffic at shopping malls to their ability to fulfill the shopping, entertainment, and recreational needs of almost all family members, including the younger generation.
Furthermore, in light of the challenging economic climate, families are tightening their budgets and opting for “staycations” that allow them to dine out, socialize with family and friends, and enjoy the cool air-conditioned environment of shopping malls, rather than traveling or visiting their hometowns.
Ms. Thanh Thao, a 25-year-old resident of Binh Thanh District, Ho Chi Minh City, said that she chose to stay in the city during this year’s holiday instead of returning to her hometown. She visited shopping malls to purchase essential consumer goods and escape the heat. She also spent time with friends dining, watching movies, and taking advantage of the cool atmosphere. As a result, she spent more time at shopping malls than usual.
To sustain purchasing power and stimulate consumer spending, businesses have implemented plans to reduce costs and maintain prices. The supply chain is closely integrated between suppliers and distributors, ensuring that the prices of goods reaching consumers remain stable.
According to the Vietnam Retailers Association, the economic situation in the first quarter of 2024 has shown positive signs, with a slight increase in purchasing power. However, overall, consumer spending remains low. People are being cautious in their purchases, primarily focusing on essential items and daily meals, with a strong emphasis on prices and value for money.
Statistics for the first quarter of this year indicate that retail sales of goods in Ho Chi Minh City reached VND 128,610 billion, a 7.7% increase compared to the same period last year. The first three months of the year also marked the peak shopping season before, during, and after the 2024 Lunar New Year holiday (Tet). However, the trend towards saving and cutting back on expenses among consumers continues to pose a significant challenge for businesses.
Experts believe that while increasing purchasing power remains a “difficult equation” for both the economy and businesses, the positive signals from the April 30 – May 1 holiday period will provide impetus for stimulating domestic consumer spending.
Additionally, the tireless efforts of businesses in the trade and service sectors to innovate and introduce promotional programs and incentives across both traditional and e-commerce channels, as well as enhance customer convenience, will make it easier for consumers to make purchases and drive consumption.
