Vietnamese consumers increasingly seek incentives to cope with price storms - Lang Son Electronic Newspaper

Vietnamese shoppers are becoming more demanding and price-sensitive, especially when there are price fluctuations in the market. Although the search for deals is still growing, shoppers still show a willingness to pay more for reputable brands and high-quality products.

Online shopping is becoming more and more popular. Consumers are constantly looking for deals to beat price hikes.

On June 19, NIQ, the world's leading company in consumer behavior and customer shopping needs, released its latest research - Shopping Trends Report to highlight changes in consumer behavior in Vietnam in 2024. The report provides a series of in-depth, practical information to help manufacturers and retailers in the fast-moving consumer goods (FMCG) industry understand current consumer behavior trends.

NIQ highlights the important shifts in shopping behavior across channels and outlines the driving factors behind these changes, providing the insights businesses need to reach shoppers across different sales channels.

One of the new trends in shopping behavior that is easy to see is that many people have been choosing convenient retail channels to do their shopping, and prioritize stores with the best prices and promotions. In addition, they also tend to make more spontaneous purchases even when they have clearly planned in advance.

Many shoppers have been choosing convenient retail channels to make their shopping.

Changing trends in shopping behavior are reflected in changes in the purchase decision-making process.

Shoppers are replacing trips to supermarkets with new shopping channels: Visits to supermarkets to buy fresh food are declining, as more shoppers turn to smaller stores such as convenience stores and online shopping channels.

Planning and Impulse Buying: 88% of household grocery shoppers plan their purchases in advance, but nearly all make impulse purchases while shopping, highlighting the importance of in-store marketing and promotional strategies to stimulate impulse purchases.

Report Shopping trends NIQ also found that 93% of shoppers often buy additional grocery items they didn't plan to buy, suggesting that promotions or deals can influence impulse buying decisions.

Research before you buy: Around 30% of shoppers will search online before making a grocery purchase decision, even if the items are already familiar to them. This highlights the importance of ensuring an online presence for manufacturers and retailers. Digital channels can also serve as informational touchpoints for shoppers, and can be leveraged to engage them effectively.

The rise of online shopping

Online shopping is on the rise in Vietnam, especially as shoppers increasingly turn to e-commerce platforms, super apps and retailers' apps or websites with modern distribution channels.

This shift is most evident in the non-food and personal care product categories, while traditional distribution channels still dominate food and beverage products. The convenience and lack of contactless payments have made online shopping the preferred choice for many Vietnamese shoppers.

Consumer preferences

Vietnamese shoppers are becoming more demanding and price-sensitive, especially when there are price fluctuations in the market. Although the search for deals is still growing, shoppers still show a willingness to pay more for reputable brands and high-quality products.

Vietnamese shoppers remain loyal to trusted brands but are also interested in and exploring private labels, especially for essential items.

Vietnamese shoppers are getting used to new brands and products, but it’s not easy to get them excited and want to experience them like before. Brands will need to find a balance between competitive pricing and high product quality to meet consumer expectations.

Source: https://baolangson.vn/nguoi-tieu-dung-viet-tang-cuong-tim-kiem-uu-dai-de-ung-pho-thoi-bao-gia-5012290.html