People 'tighten their belts', their Tet shopping basket shrinks

On the afternoon of the 28th day of the Lunar New Year, after spending several hours in the supermarket considering and selecting items, Ms. Nguyen Thi Nhu's (from Ton That Tung Street, Dong Da District, Hanoi ) shopping basket contained only 1kg of candy, a few trays of meat, some vegetables and fruits, a bottle of cooking oil, and two sticky rice cakes (banh chung). Alcoholic beverages, soft drinks, flowers, and Tet decorations were all cut back. She estimated the total cost of the basket to be around 500,000 VND. Ms. Nhu shared that this was the amount of food her family would use during the Tet holiday in Hanoi.

Before going to the supermarket to shop for Tet (Lunar New Year), she calculated the items and quantities she needed to buy. She completely eliminated any unnecessary items.

"My salary has been cut by 30% this year, and my Tet bonus is only half of what it was last year, so tightening my budget for Tet shopping is necessary," she said.

In reality, in the days leading up to the Lunar New Year, the number of people flocking to markets and shops to shop for the holiday increases sharply. At supermarkets and shopping malls, consumers also crowd together to shop for the holiday, waiting for hours before it's their turn to pay. However, the value of the holiday shopping baskets shrinks as people tend to "tighten their belts" and cut back on spending.

sam tet.jpg — People crowd into supermarkets to shop for Tet (Lunar New Year) (Photo: Thach Thao)

Speaking to VietNamNet reporters, a representative from WinCommerce (the parent company of the WinMart supermarket chain and WinMart+/WIN convenience stores) said that in the days leading up to Tet (Lunar New Year), purchasing power increased by about 15-20% compared to a normal month of the year. Notably, revenue from online sales increased by about 21% compared to Tet 2023. The number of orders increased by 30% compared to a normal month and by 25% compared to the same period last year.

However, the average value per order only ranged from 250,000 to 260,000 VND. From January 30th to February 5th, the average shopping basket value was approximately 450,000 to 460,000 VND. Among these, meat, fruits, dried foods, household goods, Tet confectionery, Tet jams, and beverages were the most frequently purchased items.

At supermarket chains like Saigon Co.op , AEON, and BigC, purchasing power is estimated to be increasing by 10%, but the value of each order has decreased sharply. Accordingly, customers are focusing only on essential items for Tet (Lunar New Year) and items with big discounts.

In previous years, during Tet (Lunar New Year), gift baskets and customizable sets were commonly priced at 700,000-800,000 VND, but now they only cost 400,000-600,000 VND, shared Ms. Nguyen Thi Bich Van, Communications Director of Central Retail.

Similarly, the director of a large supermarket chain in Hanoi also acknowledged that this year shoppers are more frugal, and large-value orders have decreased sharply.

"In previous years, there were many Tet gift baskets worth between 2 and 5 million VND, even orders exceeding 10 million VND. Cashiers would print customer invoices that were 1-2 meters long. But in the days leading up to the Lunar New Year of the Year of the Dragon, orders over 1 million VND are quite rare, mostly around 500,000 VND," this person said.

At markets and food stores, vendors also reported that people are tightening their belts for Tet (Lunar New Year), so sales have decreased by about 50-60% compared to the same period last year.

According to Mr. Phung Van Tien, the owner of a seafood shop in Hoang Mai (Hanoi), around this time last year during Tet, many types of high-end seafood were sold out, and delivery drivers couldn't keep up. Mr. Tien even had to personally deliver some orders to ensure they arrived on time for customers.

This Lunar New Year season, all types of seafood are selling poorly. Only a quarter of our regular customers returned to buy seafood as gifts for the holiday. Notably, the value of these orders also decreased significantly.

Even VIP customers who have bought large quantities of seafood for Tet (Lunar New Year) for their families and as gifts for relatives and friends for five consecutive years are now turning down offers to buy more due to financial difficulties, Tiến shared.

In fact, the tendency for people to "tighten their belts" was predicted beforehand due to the more difficult economic situation this year. When planning for Tet (Lunar New Year), businesses are quite cautious about stocking up. The amount of Tet goods stockpiled this year is lower than in previous years.

Some supermarket chains are also stepping up promotions to stimulate Tet holiday shopping. Opening hours are also extended, with some even remaining open throughout the Tet holiday.

For example, the WinCommerce supermarket system (including WinMart and WinMart+/WIN) will be open until 12 PM on the 30th day of the Lunar New Year and will reopen on the 4th day of the Lunar New Year. From now until the 29th day of the Lunar New Year, the system will extend its operating hours until 11 PM. During this period, WinCommerce will also strengthen its online sales channels and support various delivery policies.

At AEON supermarket, from the 27th to the 29th of the Lunar New Year, operating hours are extended until 11 PM daily. On the first day of the Lunar New Year, AEON department stores and supermarkets open from 11 AM to 12 PM. From the second day of the Lunar New Year onwards, the supermarket operates according to normal hours.

Meanwhile, at the Co.opmart supermarket system, Co.op Food will be open until 12 PM on the 29th day of the Lunar New Year. The supermarket will only close on January 10th (the first day of the Lunar New Year) and reopen on the second day of the Lunar New Year. From the second to the fifth day of the Lunar New Year, the supermarket will be open from 8 AM to 12 PM. On the sixth day of the Lunar New Year, the supermarket will resume normal operations.

People queue for half an hour to pay at the supermarket on the peak Tet shopping day . At a shopping mall, people flocked to buy food and goods on the last Saturday before Tet. At this time, the loudspeaker announced that all shopping carts were gone, and customers had to wait 30 minutes before it was their turn to pay.

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