The retail and consumer goods market in Da Nang currently has not had many fluctuations as purchasing power and demand is still stable. The city’s industry and trade sector are implementing many strong solutions to stimulate domestic consumption, taking advantage of the positive recovery in the remaining months of 2023 and the upcoming Tet (traditional Vietnamese Lunar New Year) 2024.

People participate in a cashless payment market combined with launching ‘Online Friday Shopping Day’ at the park on the east bank of Dragon Bridge on the evening of December 1. Photo: VAN HOANG

According to the Da Nang Statistics Department, retail sales of goods in November reached VND 5,896 billion, up 2.7% over the previous month and 4.3% over the same period in 2022. Of this, retail sales in supermarkets and commercial centres hit VND 291 billion, up 5.3% over the previous month and up 6.9% over the same month last year. Compared to October, ten out of the 12 industry groups had increased retail sales, garments (2.7%); food (0.8%); vehicles (4.3%); other goods (9.3%).

Particularly, the group of appliances, tools, household equipment and the group of repairing motor vehicles, motorcycles, and mopeds decreased. In the first 11 months of 2023, total retail sales of goods are estimated to reach VND 62,302 billion, up 6.2% over the same period. In addition, the consumer price index (CPI) in the city in November 2023 fell by 0.05% compared to the previous month and climbed by 3.13% over the same period.

Through statistics, three out of the 11 groups of goods and services whose price index plummeted; seven out of the 11 product groups had a rise in price indexes and one group had a stable price compared to the previous month.

Although purchasing power and demand are stable, retail businesses and distributors have implemented plans and focused on many strategies to stimulate consumer demand, creating positive growth at the end of 2023 and during the Tet 2024 festival.

Ms. Nguyen Thi Bich Van, Communications Director of the Central Retail Group in Viet Nam, said that the year-end market has not had many highlights as purchasing power is still weak and has no resilience. However, businesses are still expected to grow slightly.

Against the backdrop of economic difficulties affecting people’s needs and spending, units have proactively worked with distributors to prepare goods, ensure prices and meet spending needs in the last months of the year and the Tet 2024.

According to information from Da Nang, supermarkets regularly survey prices to bring the best prices to consumers. Currently, the preparation of basic goods is guaranteed. This year’s Tet holiday, Go! Da Nang targets 25% growth with a 35% increase in inventory compared to the year.

In addition, the supermarket will deploy many promotional and demand-stimulating programmes, thereby creating excitement in the consumer market at the end of the year and contributing to market recovery.

Meanwhile, for retail sales of goods and consumption at traditional markets in the area, purchasing power has not fluctuated strongly and the amount of goods sold has not increased over the same period. According to some small traders, the supply of goods this year is quite abundant.

Every year from December, people’s purchasing power begins to increase sharply. At this time, business households still do not reserve amounts of goods but only ask suppliers about issues such as expected quantity of goods and stable selling prices to serve the needs of people at the end of the year and around Tet.

Many trade promotion programmes and fairs will be organised by the Da Nang Department of Industry and Trade with organizing units to stimulate demand and consumption at the end of the year. People attend the Da Nang Vietnamese goods fair in 2023. Photo: VAN HOANG

According to the Da Nang Department of Industry and Trade, it is expected that during the Tet 2024, the Department will coordinate with related businesses to organise 19 sales points offering livestock and poultry products at stable prizes from February 6 to 8, 2024 to stabilize the market, balance supply and demand of essential goods with high demand before, during and after the Tet 2024, timely serving people's consumption needs.

At the same time, the city will organise 3 price stabilisation sales sessions to serve the shopping needs of people from January 24 to 28, 2024 in the mountainous communes of Hoa Bac, Hoa Phu and  Hoa Ninh communes in Hoa Vang District.

Also, the Department will strengthen supervision, grasp the situation of supply and demand of goods and markets and coordinate to monitor and prevent activities that destabilise the Tet 2024 market.

Reporting by VAN HOANG - Translating by A.THU