Businesses are finding it increasingly difficult to keep up with customer consumption trends.

According to the Brand and Competition Strategy Research Institute (BCSI), in the context of many global and regional changes, predicting and keeping up with customer consumption trends is becoming increasingly difficult for each business.

Speaking at the "Vietnam Consumer Trends Forum" on the morning of June 19th, a representative from the Brand and Competition Strategy Research Institute (BCSI) stated that, in the context of significant global and regional changes, understanding customer needs and shopping habits, as well as predicting and keeping up with consumer trends, has become increasingly challenging for businesses.

Therefore, closely monitoring reputable market research data sources, with specific and in-depth analyses of changes in consumer behavior, will help businesses find the right solutions to the above problem. This will increase competitiveness and lead to breakthrough success.

According to data released by the General Statistics Office ( Ministry of Planning and Investment ), total retail sales of goods and consumer service revenue in May 2024 decreased slightly by 0.1% compared to the previous month due to reduced consumer demand and travel after the long holiday period of the previous month.

In fact, amidst the challenging economic climate, Vietnamese consumers have made significant adjustments to their spending habits. This ranges from cutting back on unnecessary expenses and limiting purchases to choosing to manage with tighter budgets than before.

These changes bring many challenges and disruptions, forcing businesses to adapt their strategies to reach consumers more effectively, provide suitable solutions, and create consumer satisfaction.

Delegates participating in the forum emphasized that businesses need to pay more attention to understanding customer consumption trends.

Ms. Dang Thuy Ha, Director of Customer Behavior Research at NielsenIQ Vietnam and a member of the National Brand Program's expert panel (Ministry of Industry and Trade), emphasized that consumers are cutting spending from the short term to the long term.

"Consumers are increasingly viewing online deals as an effective way to cut down on grocery spending. At the same time, they prioritize taking care of both their physical and mental well-being."

"This is a business growth opportunity for enterprises. Businesses need to be flexible, adapt quickly, innovate, and reassess their business strategies to suit current consumer needs and trends," Ms. Ha commented.

Mr. Ta Manh Cuong from the Trade Promotion Department (Ministry of Industry and Trade) recommended that businesses need to understand domestic and international regulations, policies, and laws on consumerism. They should also identify consumer trends and behaviors in each product category.

"Businesses need to design and develop products; build and develop brands. They should focus on developing a corporate culture, ethics, and business reputation, as well as concentrating on planning the production and business of products related to health and retirement," Mr. Cuong recommended.

Hoai Anh

Source: https://doanhnghiepvn.vn/kinh-te/doanh-nghiep-ngay-cang-kho-bat-kip-xu-huong-tieu-dung-khach-hang/20240619101910991