Consumer spending soars as Tết nears


HÀ NỘI — Consumer spending in November posted a significant year-on-year increase as the Tết (Lunar New Year) holiday neared.

According to the General Statistics Office (GSO), the retail sales of goods and services in November totalled more than VNĐ302.9 trillion (US$13.5 billion), representing a rise of 1.9 per cent over the previous month and a 10.4 per cent increase over November 2015.

Retail sales of goods accounted for more than 76 per cent of the total value.

Vũ Mạnh Hà, GSO’s analyst on the domestic economy, said November witnessed strong purchasing power as the shopping season for Tết holiday would arrive earlier than normal. The holiday of this year will fall in late January 2017; usually it is in February.

Strong purchasing was seen in wedding, house repair and beauty care products.

Total retail value for the 11 months of this year touched VNĐ3.2 quadrillion, rising by 9.5 per cent over the same period last year. If inflation was excluded, the rate would be 7.6 per cent, lower than the 8.3 per cent rate for the same period of 2015, due to the higher consumer price index (CPI).

Statistics showed that CPI grew at 4.5 per cent in the 11 months of this year compared with only 0.58 per cent in the same period of 2015.

Purchasing power was strong in major cities such as Hà Nội, HCM City and Vũng Tàu, with increasing rates of more than 10 per cent.

Source: Vietnam News

Photo: CBR Investment AG