Economy

Expectations of domestic consumption stimulus program

WEDNESDAY, 08/07/2020 21:01:23

To restore commercial and service activities after the Covid-19 pandemic, the industry and trade sector has launched programs to stimulate domestic consumption and expand the domestic consumer market.


Big C Hai Duong supermarket is offering many attractive promotion programs to stimulate domestic consumption
 
Promotion beyond ceiling rate

According to data of the Statistics Office, Hai Duong's economic growth in the 2nd quarter was lower than in the 1st quarter, resulting in a rate of only 2.86% in the first half of the year.

Despite the prosperity of commercial and service activities in the past six months, without the price factor, revenue plummeted compared to the same period in 2019.

Retail and service sales totaled VND28,296 billion, up 1.6% year on year but down about 3.5% if the price factor was excluded.

Retail sales of food and foodstuffs accounted for the largest proportion (36.7%) and this group had a fairly high growth rate.

At the end of June, the Department of Industry and Trade issued a document asking organizations, units, and businesses in the province and a number of appropriate authorities to jointly implement a national concentrated promotion month entitled "Vietnam Grand Sale 2020" from July 1 – 31.

The program aims to stimulate domestic consumption, expand the domestic market, and assist enterprises with production and business after the impact of the Covid-19 pandemic.

As assessed by Nguyen Van Quang, Head of the Department of Industry and Trade's Commercial Management Division, this promotion program is very large and has been held nationwide for the first time.

This is one of events in an action plan of the Ministry of Industry and Trade to restore and promote industrial and trade development in the new period.

This month, State management agencies have allowed enterprises to offer promotions of up to 100% instead of no more than 50% according to current regulations. This is an unprecedented promotion level beyond the ceiling rate.

The above policy will contribute to creating pervasive power, helping businesses introduce quality products with reasonable prices to people in the country, boosting production and business, and gradually restoring the economy after the Covid-19 pandemic.

Push
 

HC electrical appliance supermarket launches a new promotion program after every 10 days. In the photo: A staff member of the supermarket gives a reward to a customer participating in the winning wheel program when buying refrigerators and washing machines

The domestic consumption stimulus program is appreciated by enterprises and consumers and expected to be a lever to promote domestic consumption.

Since late June, Big C Hai Duong supermarket has organized many promotion programs with the highest discounts ever on many items.

The total number of promotion programs also increased by 20 – 30% compared to after the Lunar New Year. Therefore, the number of people coming to the supermarket to buy goods also surged. Since the end of June, Big C Hai Duong has welcomed 5,000 – 6,000 turns of customers each day, nearly double the first days of June.

Director of the supermarket Luc Thi Duong said through the promotion activities, suppliers had stepped up product popularization, introduction, and sale.

Enterprises and distributors have jointly participated in activities in the concentrated promotion month, thereby intensifying goods circulation.

Along with stimulating consumption, Big C Hai Duong always prioritizes the sale of domestically produced products. At present, Vietnamese goods in the supermarket are accounting for about 97%, an increase of 3% over 2019.

After the social distancing period, HC electrical appliance supermarket has continuously implemented promotion programs. It launches a new promotion wave after every 10 days with various forms like direct discounts on products, bonus-pack deals, point accumulation, sweepstakes, etc., resulting in a sharp increase in the amount of goods sold. Last month, the supermarket sold 24,485 products, about 20% higher than May.

The supermarket will carry out many other attractive promotion programs this July to stimulate the sale of electrical appliances.

In order for the domestic consumption stimulus program to be highly effective, the provincial Market Management Department should direct market management teams to stick close to their localities, inspect and handle violations of promotion goods there.

LAN NGUYEN

Comment

Please enter comment