Tet 2023 Vietnamese consumer outlook
The report reviews the Tet 2023 Vietnamese consumer outlook, TET expenditure, shopping channels for TET, brands associated with TET and reviews advertising themes used by consumer packaged goods in recent years. Tet celebrations and the renewal of hopes for the lunar new year ahead have a significant impact on sales for many consumer packaged goods and beyond in Vietnam.
Consumer expenditure is double that of a typical month in the run-up to TET. In part for gifting to those whom consumers wish to show their respect to (in both family and business) and for enjoying time at home with extended family and guests.
For many consumer goods companies, winning or losing at Tet will make or break their annual sales. Spirit brands will see up to 60% of their annual sales in the 6 weeks leading up to Tet. Beer will see up to 30% and Tet related categories of; soft drinks, biscuits and candy will experience significant spikes.
The process of renewal will also see consumers undertake a personal and household renewal process, pushing sales higher in personal care, fashion, household care, home appliances and building materials (as many will undertake renovations and renewal of their homes prior to Tet).
Tet 2023 Vietnamese consumer outlook survey approach
In this report, Cimigo explores expectations for the coming Tet (the first day of the lunar new year is on the 22nd of January 2023). This will be the year of the cat. 557 consumers were interviewed online. The respondents are male and female aged 18 to 45, in HCMC, Hanoi and Danang. Cimigo conducted an online survey using our own online communities, to uncover:
- Vietnamese household and personal income momentum and expectations.
- Vietnamese consumers’ expectations on expenditure and shopping behaviour for Tet.
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