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Consumers say no to upmarket goods
Sales of upmarket goods in the HCM City have dropped 30-35 percent in the past month, according to department stores in the city.
Sales staff at Diamond Plaza , Tax Department Store and Parkson Saigontourist, three major malls in HCM City , said few customers are visiting, even on weekends, despite a flurry of sales promotions.
At the luxury shops now open in the recently renovated addition to the Rex Hotel downtown, sales have also been slow.
The international luxury brands Chloe, Marc Jacobs and Balenciaga and others sold in shops downtown are attracting few buyers.
“A few months ago, I saw a lot of sophisticated customers here,” said shopper Nguyen Thu Trang, who is a director of a travel agency.
Nguyen Ngoc Hoa, a regular customer at Chloe, said she could afford the 900 USD handbags on sale there.
“But I must learn to say no to upmarket goods in this time of inflation. I’ll be a fish out of water if I keep spending money on these expensive products while everyone else is tightening their belt.”
Mobile phones are also among the goods that have experienced a sharp drop in sales, with the The Gioi Di Dong (World of Mobile Phones) company reporting a 25 percent fall in sales in its chain of 25 stores.
“I used to trade in my mobile phone every two months and pay an additional 2-3 million VND (125-188 USD)”, said customer Hoang Thanh Phong, who works as a construction contractor. “But I have stopped that habit, using the same old phone for the past three months.”-
VNA
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