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Consumer market adjusts to inflation
Inflation and a chain of price changes have directly influenced consumer trends in the first half of the year, according to several economic experts.
At a seminar on “Changes in the Consumer Market and Solutions in the Time of Inflation” held by the Enterprises Support and Business Research Centre on July 25 in Ho Chi Minh City, experts reported recent changes in consumer trends.
According to a survey by Sai Gon Co.op, the purchasing of essential consumer goods grew from 73 to 75 percent against the same period of last year.
Among them, rice, sugar and seasoning powder consumption increased by 5 percent, bringing in 150 billion VND (9 million USD).
Purchases of fresh, processed and cooking goods grew only 1 percent, brining in 30 billion VND (1.8 million USD). Moreover, consumption of household goods in the first six months of the year grew to 32 percent, especially electric stoves and rechargeable lamps due to high gas prices and frequent blackouts.
Meanwhile, purchases of non-essential consumer goods fell from 27 to 25 percent compared to the same period last year.
For example, cosmetics purchases are down 3 percent to 90 billion VND (5.4 million USD). Clothing purchases dropped 2 percent to 60 billion VND (3.6 million USD).
Several economic experts recommend consumers stick to domestic products in the midst of rampant inflation. People using locally-made products are meaningful to the Vietnamese economy, said Vu Kim Hanh, director of the Enterprise Support and Business Research Centre.
“Businesses must guarantee quality at reasonable prices and rely on promotions,” she said.
VNA
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