A healthier, happier and hassle-free Tet
1. Practicality prevails
Tet 2024 marked a notable shift in consumer behaviour, emphasising practicality and simplification in product choices. This trend was particularly evident in the reduced consumption of celebratory categories, such as alcohol and confectionaries and an uptick in the value of essential categories such as cooking aids. The beverage sector as a whole experienced a decline, primarily driven by a decrease in alcoholic beverage sales. Factors such as stricter implementation of DUI laws and a growing emphasis on saving contributed to this trend. Instead, Vietnamese consumers increasingly opted for non-alcoholic beverages and essential categories like cooking aids and meal makers during the past festive season.
2. Less is more
Tet 2024 witnessed a decline in households receiving FMCG products as gifts, with a 4-point drop in penetration. This trend can be attributed to the growing desire for simpler celebrations and gatherings. Additionally, consumers may have opted for non-FMCG gift options such as money, fashion items, or home appliances.
The pursuit of a stress-free festive season was further exemplified by a surge in travel and mobility during Tet 2024. As consumers sought to escape the pressures of daily life and enjoy a well-deserved break, both domestic and international travel experienced significant growth, according to the General Statistics Office. This trend underscores the increasing importance of leisure and relaxation as a central component of modern Tet celebrations.
3. Practical and health-forward gift choices
Within gifting, consumers received more practical, healthier and affordable gifting options. This shift is evident in the rise of pantry essentials as gifting options such as cooking oil and seasoning, as well as the decline of celebratory categories such as beer or candy. Some categories with the highest uplift in gifting occasions also sees a focus on health such as snacks and nuts, cup yogurt or bird’s nest.
The past Tet season also saw a surge in practical and affordable gift sets offered by both manufacturers and retailers. These gift sets often combine value and nutritional benefits, making them ideal choices for the festive season.
Despite a slight decline in FMCG gifting, there remained a demand for practical and versatile options that could be enjoyed by the entire family. Manufacturers would be well-advised to focus on offering more budget-friendly and multifunctional gift choices to cater to evolving consumer preferences.
