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Five holiday insights on year-end consumption trend

Thursday, July 30, 2020, 14:00 GMT+7
Five holiday insights on year-end consumption trend
Shoppers shop during Black Friday sales season in Vietnam in an undated file photo. Photo: Nguyen Tri / Tuoi Tre

Ahead of the year-end holiday season, Facebook commissioned YouGov, a global public opinion and data company, to conduct an online survey of shoppers across Southeast Asia from December 2019 to February 2020. In addition, Facebook also analyzed a variety of third-party sources from GlobalWebIndex, as well as Facebook conversion and conversation data from October 2019 to March 2020.

Facebook’s report has pointed out five typical year-end consumption trends and the way the novel coronavirus disease (COVID-19) pandemic is shaping the attitude of Vietnamese consumers:

1. Gen X and Boomers are key drivers of online and mobile shopping

In Vietnam, 62 percent of Gen X and Boomers surveyed in Vietnam care about “shop online, pick up in-store”; 70 percent admit to messaging a business during the year-end season.

On a global scale, shopping through mobile devices has become more and more popular, with 65 percent of those Gen X/ Boomers surveyed globally spending more time using mobile since the start of COVID-19.

For Boomers, mobile research during holidays has grown by 20 percent YoY in 2019.

Khoi Le, head of Business and Solutions at Facebook
Khoi Le, head of Global Business Group, Vietnam at Facebook

2. Mega Sales days and Tet are even more relevant now

In Vietnam, 82 percent of year-end shoppers agree that they look out for sales and bargains during the year-end season, whose conversations start building from up to ten days prior to the mega-sale.

70 percent of shoppers surveyed in Vietnam say that Tet (Lunar New Year) is the time to find the best deals.

In fact, businesses in Vietnam report increased numbers of orders by almost 2-3 times compared to normal days upon the three biggest shopping day: November 11, Black Friday (the last Friday of November), and December 12.

3. ‘Self-gifting’ acts drive consumption during year-end

Treating oneself with some ‘small luxuries’ reflects the way people approach mega sale days and shopping for Tet.

In Vietnam, eight in ten year-end shoppers look to reward themselves with apparel, confectionery, food, household appliances and health and beauty across the season.

4. COVID-19 reinforces product exploration and omnichannel shopping experiences

77 percent of year-end shoppers surveyed in Vietnam agree that they often explore different product categories during the holiday season than they do the rest of the year.

79 percent of those surveyed in Vietnam say they are very or quite likely to try new brands when shopping for the Tet season.

During the Tet season, omnichannel shopping experiences are very important for Vietnamese users, particularly given the current pandemic context.

82 percent of Tet shoppers surveyed in Vietnam say they often research things they want to buy online before purchasing them in shops; and even when in store, 39 percent of shoppers specifically turn to social media.

5. Consumers value not just affordability but also the brand’s alignment with their personal values

40 percent of year-end shoppers in Vietnam wanted real, authentic and informative content. They want brands to be “smart” and “reliable,” rather than “young,” and consider videos that show the product virtually most useful for making purchase decisions.

Regarding the habit of giving money as gifts during Tet holiday, cash is still prominent, however, contactless options are gaining traction among younger generations due to ease and safety. 

Tips for businesses

Sharing the report on consumers’ attitudes and behaviors at year-end and Tet holiday, Facebook recommends new approaches for businesses to attract consumers and drive sales:

— For Gen X and Boomers, brands should build a personalized and large-scale content strategy, tailoring a relevant message to enhance the customer interests and conversion

— Discounts and promotions will continue to play a significant role as users have pushed back their purchase decisions due to COVID-19. Conversations around specific mega-sales start building from up to ten days prior and brands need to prepare themselves with consumer shopping behaviors early to meet the customer’s needs.

— Brands should give consumers more reasons and beliefs to reward themselves through relevant content and well-rounded customer consultation and care policies.

— Brands should take a bold move to reach new customers with an omnichannel marketing strategy and take advantage of the power of social media to increase their customer interests and conversion.

— Brands should always be honest with customers, try new interactive formats like shopping via Live, games, leveraging celebrities, KOLs on social media

Facebook reinforces its long term commitment to the country, especially during and after the COVID-19 epidemic.

In 2020, Facebook launched Facebook for Vietnam campaign, the first comprehensive Vietnam-specific campaign to reinforce Facebook’s long-term commitment to the country, especially during and after the COVID-19 epidemic.

Among the five pillars of #fb4Vn is #fb4Economy to underline Facebook’s contribution to business communities, especially SMBs, and promote tourism and education post-COVID in Vietnam.

In the upcoming time, to further support SMBs in Vietnam, Facebook will launch the ‘Holidays Unboxed’ with a series of activities lasting over the course of two months, with the view to providing information and supporting businesses to prepare for the busy year-end and Tet holiday. Activities include:

— Launching on July 30, 2020 on Facebook Vietnam page, providing key insights on trends and consumer behaviors in the year-end shopping season

— A series of workshops with experts from big companies in Vietnam

— Launch the official website of the program, providing consumer and platform insights to help businesses best invest their budget

— Dedicate domestic travel/domestic solution training with Bao La Viet Nam creative assets.

Besides, Facebook will also host the Messenger Summit Vietnam in August to provide in-depth solutions for business to leverage messaging trends.

Tuan Duyen

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