HCM City Tet consumption slumps

Saturday, Mar 06, 2021 08:24

Customers at a super market in HCM City.— VNA/VNS Photo Manh Linh

The resurgence of COVID-19 has hit demand for consumer goods and services in HCM City, with revenues in February falling by 6.4 per cent, according to Government data.

The Tet (Lunar New Year) holidays, usually the most lucrative period for the consumer market, were in February.

Retail sales of consumer goods and service amounted to VND110.6 trillion (US$4.78 billion), a year-on-year increase of 4.7 per cent, a report by the city Department of Industrial and Trade said.

Sales of consumer goods were estimated at VND69.9 trillion ($3.02 billion), a rise of 10.3 per cent compared to the same period last year but a decline of 5.9 per cent from the previous month.

Catering, accommodation and travel services took a big hit from the pandemic.

The resurgence of outbreaks in the city in late January with lockdown orders in some residential areas and fears of infection discouraged consumption.

In the first two months retail sales rose by 3.6 per cent year-on-year to VND 228.9 trillion ($9.9 billion), the report added. —VNS

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