Boosting consumer demand

Faced with the challenges posed by the global economic impact and domestic fluctuations, boosting consumer demand has become a crucial strategy to support businesses. This is not only a short-term solution to help businesses overcome difficulties but also an effective way to stimulate sustainable local economic development.

Many trade fairs organized by the Department of Industry and Trade help boost consumer demand.

According to a report by the People's Committee of Thanh Hoa province, the Gross Regional Domestic Product (GRDP) growth rate in 2024 reached 12.16%, exceeding the set plan and ranking second nationwide, only after Bac Giang province with a growth rate of 13.85%. This is an impressive result, reflecting the synchronized development of key economic sectors in the province. However, to maintain and promote economic growth in 2025, attention must be paid to improving the business environment and supporting businesses to overcome difficulties. Currently, although the peak Tet holiday consumption season has begun, consumer demand remains low, putting pressure on business operations. Stimulating consumer demand will not only provide impetus for businesses but also contribute to achieving growth targets and controlling inflation.

Ms. Vu Trang Nhung, residing in Dien Bien ward (Thanh Hoa City), said: "Our family's income hasn't increased compared to previous years, while living expenses are rising. Therefore, from now until the Lunar New Year of the Year of the Snake, our family will tighten our spending, focusing only on essential needs."

Surveys show that tightening spending, like the practice of Ms. Trang Nhung's family, is a common trend among many families today due to rising prices. This has created significant pressure on manufacturing and distribution businesses, forcing them to adapt to market fluctuations. Ms. Nguyen Thi Mai, Director of Sao Mai Trading and Import-Export Joint Stock Company, a distributor of high-end food products in Thanh Hoa City, shared that the current market is facing many difficulties. The number of orders from partners has decreased, forcing businesses to adjust their production strategies to suit actual demand and customers' financial capabilities. This is not simply about adjusting production volume, but also about optimizing processes, cutting costs, and maintaining profitability even in difficult economic conditions.

Ms. Mai also believes that the important thing is not just cutting costs or adjusting production, but the ability to innovate and understand the changing needs of consumers. Therefore, the company has been actively researching consumer trends, deeply understanding the market, and developing new products that better suit current needs. Innovation in products, services, and business strategy is the key to helping businesses maintain a competitive advantage and overcome challenges.

A prime example of adapting to current consumer trends is the fashion brand Yody. To meet customer demand during challenging times, Yody has implemented special promotions and discounts during holidays, especially during the year-end shopping season. The company focuses on basic, easy-to-match fashion items at reasonable prices, helping consumers balance their spending during the Lunar New Year without worrying about finances.

Beyond just promotional programs, Yody boldly applies technology to its production and sales processes to optimize costs. This helps the company maintain product quality while keeping prices competitive. Simultaneously, Yody strengthens its online sales channels, expanding its online network to reach customers without incurring overhead costs. These changes help Yody boost consumer demand, maintain business stability, and reinforce customer trust in the brand.

Currently, businesses are striving to increase sales through promotional programs and consumer stimulus. According to the Thanh Hoa Department of Industry and Trade, the province has recently strengthened trade promotion programs for businesses and cooperatives, while also boosting the consumption of Vietnamese goods. Carefully selected trade fairs and exhibitions, tailored to specific industries and markets, help create opportunities for trade and connect businesses with distributors.

Meanwhile, business associations hope that the province and relevant departments will support policies on capital, interest rates, tax exemptions and reductions to help businesses recover and develop in the current context. At the same time, creating favorable conditions for accessing information and potential investors, both domestic and foreign, is also a crucial factor in promoting cooperation, improving raw material sources, technology transfer, and investment.

Text and photos: Chi Pham

Source: https://baothanhhoa.vn/thuc-day-nhu-cau-tieu-dung-236003.htm