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Kantar - Báo cáo Tết 2022

The COVID-19 pandemic significantly impacted Vietnam's economy and the way people celebrate Tet in 2022, with GDP growth slowing to 1.42% and a shift towards more home-based activities. Many Vietnamese are planning to modify their traditional Tet celebrations by emphasizing local gatherings, online interactions, and purchasing practical gifts, while FMCG growth has primarily been seen in the packaged food sector. Brands are encouraged to adapt their strategies to capture changing consumer habits and preferences during the Tet shopping season.

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Tet 2022: Any changes you should be aware of? Based on Worldpanel Division data
The outbreak of COVID-19 has brought upon unprecedented challenges and is having a significant impact on Vietnam in many aspects. GDP grew only 1.42% this year through September, with its performance particularly poor in the third quarter. Final consumption, which accounts for about 70% of Vietnam GDP, fell 2.83% in the third quarter due to severe travel restrictions. With the easing of constraints on movement from 1st October, relief and excitement are the 2 emotions most Vietnamese feeling now; however, many are still being cautious about going out and meeting people. This complexity is expected to generate changes in the way Vietnamese celebrate 2022 Tet, the most significant festival in a year. says that their family would change the way they celebrate Tet in 2022 compared to previous years. 40%
Tet activities Tet shopping Tet drinking & eating Tet gifting This report outlines the 4 new realities of Tet celebration, along with some ideas that businesses can take to seize the bigger opportunity
Tet activities The pandemic has made a significant change in Tet activities, and it will continue to change what people do in the coming 2022 Tet. People plan to stay home more, less travel and less go back to hometown. They will probably go around the city to enjoy Tet with families/friends. When being ask about plans of traveling or visiting your hometown during the coming Tet holiday (% Answer) 18 20 15 7 55 51 56 42 Tet 2019 Tet 2020 Tet 2021 Tet 2022 Travelling Visiting hometown Pandemic has resulted in a change in where people plan to spend Tet 2022 68% says they would go around the city to enjoy Tet with families/friends. 18% says they would ONLY stay at home during Tet. Source: Worldpanel Division | Tet Survey 2021 & 2022 | Vietnam Urban 2 cities | HCMC & Hanoi
More activities to celebrate Tet at home: cooking, playing games, watching movies, video calls with friends/families, home decorations, having meals with neighbors/friends. Source: Worldpanel Division | Tet Survey 2021 & 2022 | Vietnam Urban 2 cities | HCMC & Hanoi Tet activities shift from offline to online, posing major opportunity for brands, occasion association online campaign. Top 5 planned activities for Tet 2022 (% answer) Decorate my home for Tet Video call with family, relatives and friends Have meals with my family 88% Cook traditional dishes (banh chung, spring rolls, jam…) 73% Watch Tet programs/shows on TV 71% 73% Online activities such as streaming and gaming are included as their activities for Tet 2022 (% answer) 84% 73% Tet activities Stream movies online Play online game Watch firework Go to the cinema 53% 40% 33% 15%
Tet shopping Source: Worldpanel Division | Household Panel | Urban Vietnam 4 key cities | FMCG including gifts Over the last 2 Tet which were impacted by the pandemic, FMCG growth was quite humble with the poor performance of most categories. Only Packaged food was able to maintain the positive growth. 3% 18% -12% 7% 20% 13% 3% 4% 1% 7% 1% 1% FMCG Packaged Foods Personal Care Home Care Beverages Dairy 2020 2021 FMCG - % Value growth in Tet across sectors
Tet shopping *Note. Packaged food includes Confectionary, Kitchen and Other dry grocery, Volume of Packaged food, Personal Care and Home Care is calculated by pack Learning from China where Covid hit the market sharply in Q1’2020, Packaged food was also the most growing sector in consumption. When the situation gets better, all other sectors, esp. beverages, Dairy and personal care, are back on track and enjoy very impressive recovery. -6% -21% 0% -8% 7% 15% 19% -1% 18% 9% Packaged Foods* Personal Care Home Care Beverages Dairy Q1 2020 Q1 2021 FMCG performance across sectors in China mainland -5% -9% 15% -7% 8% 11% 12% -9% 12% 14% % Value growth % Volume growth We expect the same growth pattern will happen in Vietnam in coming Tet 2022 as people might go out, get back to some Tet traditional activities and have more gatherings. Source: Worldpanel Division | Household Panel | China Mainland
Tet shopping Source: Worldpanel Division | Household Panel | Urban Vietnam 4 key cities | FMCG excluding gifts In all previous years, people used to shop for Tet 3-4 weeks before 1st day of Lunar New year with very high spending level, which making 1 month before Tet 2 times more valuable than average. After experiencing almost half year of staying home, suffering financial difficulties and having no big celebrations, people are looking forward to Tet and they say they will shop for Tet as early as before. 16 25 24 31 25 26 26 25 25 27 25 25 Tet 2019 Tet 2020 Tet 2021 % Shopping Occasion 1 week ahead 2 weeks ahead 3 weeks ahead 4 weeks ahead Tet holiday 44% Vietnamese people said that they plan to shop for Tet 2 weeks prior to Tet. Tet Survey 2021 & 2022 | Vietnam Urban 2 cities | HCMC & Hanoi
Tet shopping Source: Worldpanel Division | Household Panel | Urban Vietnam 4 key cities | FMCG excluding gifts Over the past few months, people shopped less frequently but more per trip. This new habit will change the way people shop for Tet 2022. If we wait until people going to stores or ecommerce sites, there will be less chance to interact with them and trigger their purchases. Instead, brands need to be appealing in multi-channels where consumers are spending their time from studying, working, entertaining to connecting with others. In terms of product offers, brands and retailers should push more combos to maximize the potential of bulky trip trend. 0 5 10 15 20 25 30 35 40 Frequency 0 20 40 60 80 100 120 140 160 180 Spend/trip (000VND) FMCG performance across key measures in Vietnam Urban 4 key cities
Tet shopping Source: Worldpanel Division | Household Panel | Urban Vietnam 4 key cities | FMCG excluding gifts Hyper+Super market used to be the channel benefiting the most from high spending before Tet. With the rapid changes in recent months, people are getting more familiar with Minimarket and Online which are expected to accelerate in Tet 2022 % Value share of FMCG by channels in Vietnam Urban 4 key cities 21.5 24.6 22.4 24.7 13.9 15.7 12.2 9.8 5.1 6 7 10.4 2.3 3 5.5 6.3 Morden Trade Hyper&Super Minimarket Online % Value share of FMCG by channels in Urban China Mainland 23 21 20 18 12 12 3 3 4 3 23 28 15 15 Q1'20 Q1'21 Others Online Grocery CVS Small super Large super Hyper market +33% +0.3% -1% +7% +9% -17% % Value growth Source: Worldpanel Division | Household Panel | China Mainland
Tet drinking and eating There were some changes in food and drink choices in past Tet as people were appreciating more being-together moments and individual appetite. From a recent survey, many of them said they will consume more healthy products. They also buy more products what can make their cooking more convenient and add new dishes into their Tet menu to satisfy more the appetite of their family members. Top growing categories at Tet 2021 – Urban 4 key cities (Based on % value growth vs YA) +47% +46% +35% +31% +27% +26% +23% +22% +21% +48% Hair Conditioner Mayonnaise Non-Dairy Milk Packaged Bread Drinking Yogurt Toilet Cleaner Meal Maker Ready to drink Tea Facial Moisturizer Biscuits & Cakes Source: Worldpanel Division | Household Panel | Urban Vietnam 4 key cities | FMCG excluding gifts
Tet gifting Because restrictions ease, people are looking forward to reuniting with family and friends; however, they are still worried about the risk of infection and a possible resurgence of Covid. As a result, the recovery of gifting remains questionable. Nevertheless, gifting is always a very typical tradition of Vietnamese, esp. during Tet. The key thing is people might have new choices in terms of products and ways to give to others. % Gifting planers in Tet 2021 88% ( vs 90% in Tet 2020) Source: Worldpanel Division | Households Panel & Gifting Survey 2021 | Urban 4 key cities Vietnam FMCG performance for gifting in Tet 2021 % Value contribution to FMCG sales in Tet 2021 % Gifting Value growth Tet 21 vs. Tet 20 % Households receiving FMCG as Gift Tet 2021 26% -6% 74% (-3pt vs Tet 2020)
Tet gifting Practicality in product choices is more adapted. Apart from the top 3 criteria in gifting choices, practical for Tet usage and health care products are being taken into account in view of the rising health concern in pandemic time. Meanwhile, though remaining as an essential factor, packaging and being high in value are seeing reduction in importance in gifting criteria. Source: Worldpanel Division | Households Panel & Gifting Survey 2021 | Urban 4 key cities Vietnam 1. Money 2. Biscuits/ Candy Jam 3. Alcoholic Drink 4. Mix Basket Gifts 5. Clothing/ Shoes/Jewelry Top 5 most preferred categories for Tet gifting (% respondents 2020 | 2021) (71 | 74) (71 | 67) (55 | 50) (42 | 41) (42 | 39) Top categories for choosing gift (% respondents 2021) 1. Gift cost fits my budget (85%) 2. Products for Tet usage (76%) 3. The preference of the recipient (72%) Criteria for choosing gift How it changes verse the last Tet? • Healthcare products % Changes of respondent • Products for Tet usage • Nice packaging • High value gifts +6% +1% -4% -8%
Tet gifting The way people give presents to others in coming Tet could be changed. They will use more delivery service and money transferring, which offer some opportunities to brands and service providers. Source: Worldpanel Division | Households Panel & Gifting Survey 2022 | Urban 4 key cities Vietnam What kind of gifting scheme do you plan to choose during the upcoming 2022 Lunar New Year? (% answer) 40% plans to order gifts and use home delivery to recipients. 30% plans to lì xì (gift money) via online banking/ money transferring.
Kantar is the world’s leading data, insights and consulting company. We understand more about how people think, feel, shop, share, vote and view than anyone else. Combining our expertise in human understanding with advanced technologies, Kantar’s 30,000 people help the world’s leading organizations succeed and grow. For further information, please visit us at www.kantarworldpanel.com/vn Contact us Nguyen Thi Nhu Ngoc Sr. Marketing Manager, Vietnam Worldpanel Division Mail: NhuNgoc.NguyenThi@kantar.com Tel: +84 988 445 401