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

According to the General Statistics Office (GSO), total retail sales of goods and services in November totalled more than VND302.9 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.

Vu Manh Ha, GSO’s analyst on the domestic economy, said November witnessed strong purchasing power as the shopping season for Tet holiday would arrive earlier than normal. The holiday will fall in early February 2017; usually it is later in the month.

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

Total retail value for the 11 months of this year touched VND3.2 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 Ha Noi, HCM City and Vung Tau, with increasing rates of more than 10 per cent. — VNS