Motorbike sales continue slump after Tết holiday
There is usually a decline in sales after Tết due to increases before the holiday, according to industry insiders.
Domestic motorbike market after the Tết holiday has seen a decrease in sales. As a result, motorbike dealers are offering significant discounts on popular models to attract buyers and stimulate sales.
The low sales are attributed to demand for motorbikes being concentrated before Tết; there is usually a decline in sales after the holiday, according to industry insiders.
In addition, the simultaneous discounts offered by motorbike manufacturers aim to overcome the difficult economic situation, as people are cutting down on expenses. Fluctuating gasoline prices are also mentioned as a factor contributing to the low consumption of motorcycles. To address this, dealers have to reduce prices to incentivise consumers and boost sales.
For example, Trung Đức, the owner of a Yamaha dealer, mentioned that the market is typically gloomy after Tết, with very few customers visiting the dealership. In order to attract customers and increase sales, dealers are offering discounts, sometimes even lower than the manufacturer's suggested prices.
The discounted prices mentioned include a special version of the Yamaha Grande priced at VNĐ46-47 million, which is VNĐ2 million lower than the proposed price. The Yamaha Janus model is priced between VNĐ30-33 million, about VNĐ500,000 lower than the previous month, depending on the dealer.
Similarly, Honda dealers are also offering competitive prices for their motorbikes.
According to the salesperson at a Honda dealer in Nguyễn Khánh Toàn Street, Hà Nội, the standard Honda Vision model is priced around VNĐ30 million, which is more than VNĐ1 million below the proposed price. The high-end and sporty versions are priced between VNĐ33-37 million, depending on the model.
The Honda Air Blade is being sold at a price lower than the company's proposal, with a discount of VNĐ1-2 million per unit. The standard version of the Honda SH scooter is priced at over VNĐ70 million.
Chairman of the Association of Vietnamese Motorcycle Manufacturers (VAMM) Koji Sugita explains that the difficult economy is leading people to tighten their spending. This economic situation, combined with constantly fluctuating gasoline prices, has resulted in low motorcycle consumption. In response to these factors, motorcycle manufacturers are offering discounts on their products to attract customers and stimulate sales.
According to the Vietnam Motorcycle Manufacturers Association (VAMM), motorbike sales in the fourth quarter of 2023 increased compared to the previous quarter, but were down by 18.03 per cent compared to the same period in 2022.
The total annual sales of 2023 were 2,516,212 vehicles, a decrease of 16.21 per cent compared to 2022 and the lowest in the past six years, even lower than the years affected by the COVID-19 pandemic in 2019 and 2020. — VNS
