Tet 2022: A new year of Uncertainty for FMCG market
Entering the 3rd year living with the pandemic, how would Vietnamese consumers respond to Lunar New Year – the most important holiday season of the year? In 2022, Tet preparation was be impacted by two main socio-economic changes:
- Citizens’ migration back to hometown: Being suffered from the biggest wave of Covid-19, more than 1 million migrants had to return to their hometowns, according to VnExpress, leaving behind their job and the financial pressure of living in the big cities. This led to certain changes in Vietnam market, one of them might be the shift in terms of consumption between urban and rural areas.
- Rising Covid-19 cases in rural: There was a sharp increase in the number of Covid-19 cases in rural areas as a result of a considerable number of people returning to their hometowns. Especially this time was very close to Tet festival, which partly affected family gatherings, visits to give gifts, restraining the strong spending on gifting during the festive season.
Would consumers cut back on their spending level, or would they increase grocery budget to stock up for Tet under Covid-19 situation? Were there any changes in gift-giving custom among Vietnamese consumers in the latest Tet?
Let’s explore the main findings in our 2022 Tet report by filling out the form on the right side of this page.
Book a consultation if you want to further discuss on your brand's performance during Tet under Covid-19 time and to well prepare for the next season.
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