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Lao businesses cash in on New Year optimism
Companies in Laos are eyeing the New Year as a golden opportunity to boost sales of their goods and services.
Businesses in Vientiane including airlines, hotels and computer shops have launched New Year promotions, using various marketing ploys to persuade the public to buy their products and boost their sales figures for 2011.
Lao Airlines has teamed up with the Dao Heuang Group to announce special gifts for passengers flying with the national carrier and a lucky draw for purchasers of domestic and international air tickets.
The Don Chan Palace hotel and Lao-ITECC are both staging countdown parties to welcome the first minute of 2012, and many businesses are optimistic that a favourable climate prevails thanks to stable and strong economic growth.
Lao Toyota Service, which is the major agency for Toyota vehicles in Laos, and Kolao, which distributes Hyundai and Kia models, see the New Year as an opportunity to reward their customers, hoping to maintain their loyalty amid growing competition in the vehicle market.
Major shopping malls such as Talatsao, Home Ideal, K Plaza and the Chinese market are advertising special offers and price reductions in an attempt to boost their year-end sales figures.
Marketing managers have expressed confidence that the New Year promotions will generate significant income due to Laos' strong and stable economic growth along with that of Thailand, China and Vietnam.
Lao Airlines Marketing Manager Mr Saleum Tayalath said he viewed the New Year as the best marketing opportunity because people are in the mood to spend, either on trips to the provinces or overseas.
“We have seen a 20 percent increase in passenger numbers this New Year compared to last, so it is a good time for us to give back to our customers,” he said.
The management of Lao Airlines was optimistic of strong sales in view of the stable economic growth in Laos and the region.
According to the Ministry of Planning and Investment and the World Bank, economic growth in Laos will remain at above 8 percent, driven by growth in the mining and hydropower sectors. A surge in garment exports has also helped to boost GDP growth.
The average per capita income in Laos is now more than US$900, while in Vientiane the average annual income is about US$17,000.
Economists say the increasing wealth of Lao people will boost the sale of goods and services because of the public's higher purchasing power. They also say that people will spend more than usual to celebrate the New Year, which is great news for retailers.
vientiane times
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