FMCG forecasted to grow fast during Lunar New Year festivities
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With increasing income and a newfound hunger for better living quality, Vietnamese consumers are shopping more and more. They are no longer considered as the highest savers anymore, as they are ready to spend much on consumption, tourism, and household appliance goods.
According to a survey produced by Nielsen, after essential living expenses, Vietnamese consumers are ready to spend on tourism, shopping, new hi-tech gadgets, and other entertainment services. The high growth potential of the economy and increasing consumption demand are expected to boost FMCG at the end of 2017 and in the first month of 2018.
The results of Nielsen’s Market Pulse research showed that FMCG grew by 5% in the second quarter of 2017 in Vietnam, and 5.8% in the third quarter. This figure was forecasted at 6-7% in the fourth quarter. Additionally, an increasing number of super markets and grocery stores are spurring the growth of the FMCG segment in the country.
In 2017, the market saw heated competition between supermarket and mini mart chains, with the 1,000 stores of Vinmart and Vinmart+ (VinGroup), 259 stores of Circle K, 11 stores of 7-Eleven in Ho Chi Minh city were duking it out for supremacy.
According to the General Statistics Office, in 2017, the total retail market hit US$130 billion, up 10.9% on-year, including the large contribution of the FMCG sector.
A survey by Kantar Worldpanel Vietnam shows that non-food items maintained their growth momentum, especially personal care products. Beverage items are back in the first place in growth, while milk and milk products increased lightly in rural areas.
On the occasion of the Lunar New Year, Vietnam’s FMCG segment expects a sharp boost. In addition to food items such as confectioneries and household products (washing liquid, washing-up liquid, soap, shampoo, shower gel), Kantar Worldpanel Vietnam forecasts beverage items to see remarkable demand. In 2017, Vietnam consumed around 4 billion litres of beer, 40% of which came from Sabeco.
The Lunar New Year is usually the peak demand for beer during the year, and this year is forecasted to follow traditions.
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