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When everyone feels the pinch
The consumption habits of all Vietnamese people have changed a bit due to the financial crisis: They have been trying to reduce spending by preparing meals themselves instead of eating out.
After working hours, female office staffs pour into traditional markets, supermarts and shops to purchase things for their dinners. Hanh, who sells fruits and vegetables behind Tan Dinh Market, related that sales are best after 5 pm, when office staffs finish their working day and go to the market.
Nguyen Thi Hai, Director of Hanoi Supermart, noted that Hanoians are trying to cut spending by limiting using services and trying to prepare meals themselves. This can explain why sales of fresh and preliminarily processed foodstuffs, ready made tea and instant coffee have increased by 15-30% over the same period of last year.
Meanwhile, sales of footwear, ready-made clothes, handbags and jewellery have seen sales drop by 30-50%. Representatives of several garment companies which have retail networks and provide products to supermarts, like Sanding, Thanh Cong and Viet Thy, say that demand is down by 30% from last year.
Maximark chain has reported that the volume of fresh vegetables and fruits sold has increased by 50% over pre-Tet days.
“It is clear that families are now trying to cut expenses by purchasing foodstuffs and preparing meals themselves instead of going to restaurants,” said Nguyen Phuong Thao, Director of Maximark chain.
She also said that consumers have been trying to restructure their spending to save money while still ensuring a high quality of life. For example, they have reduced purchases of soda, canned food, but have increased purchases of fresh vegetables and fruits.
She added that Vietnamese consumers mostly purchase familiar products like baskets, pots and pans, soap and dishwashing liquid. Thao said that sales of kitchen goods, mainly dishwashing liquid, have increased by 10%.
Similarly, Big C supermart chain has reported a 20-30% increase in the sales of essential consumer goods like sugar, milk, seasoning powder and vegetable oil.
Bui Thi Lien, Assistant to Director of A Chau Confectionary Company, says that families have returned to a more traditional way of life, preparing breakfasts for their children instead of giving them money.
VietNamNet, SGTT
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