It is increasingly difficult for businesses to keep up with consumer trends.

DNVN - According to the Institute for Brand Strategy and Competition (BCSI), in the context of many fluctuations in the world and region, predicting and keeping up with customer consumption trends for each business is becoming more and more difficult.

Sharing at the "Vietnam Consumer Trends Forum" on the morning of June 19, a representative of the Brand and Competitiveness Strategy Research Institute (BCSI) said that in the general context of many fluctuations in the world and the region, it is increasingly difficult for each business to grasp the needs and shopping habits as well as predict and keep up with the consumption trends of customers.

Therefore, closely following reputable market research data sources, with specific and in-depth analysis of fluctuations in consumer behavior, will help businesses find the right solution to the above problem. From there, increase competitiveness and achieve success.

According to data released by the General Statistics Office ( Ministry of Planning and Investment ), total retail sales of goods and consumer service revenue in May 2024 decreased slightly by 0.1% compared to the previous month due to reduced consumer demand and travel after the long holiday of the previous month.

In fact, in the context of economic difficulties, Vietnamese consumers have made significant adjustments in their consumption. That is from cutting down on unnecessary spending, limiting purchases or choosing to manage with a smaller budget than before.

These changes bring many challenges and fluctuations, forcing businesses to change their strategies to reach consumers more effectively, provide suitable solutions and create consumer satisfaction.

Delegates attending the forum emphasized that businesses need to pay more attention to approaching customer consumption trends.

Ms. Dang Thuy Ha - Director of Customer Behavior Research, NielsenIQ Vietnam, member of the Expert Board of the National Brand Program (Ministry of Industry and Trade) emphasized that consumers are cutting spending from short-term to long-term.

“Consumers increasingly view online deal-finding as an effective way to cut back on grocery spending, while also prioritizing their physical and mental health.

This is an opportunity for business growth. Businesses need to be flexible, quickly adapt, innovate and re-evaluate their business strategies to suit current consumer needs and trends,” said Ms. Ha.

Mr. Ta Manh Cuong - Trade Promotion Agency (Ministry of Industry and Trade) recommends that businesses need to grasp domestic and international regulations, policies and laws on consumption. Identify trends and consumer behavior by industry.

“Businesses need to design and develop products; build and develop brands. Focus on developing culture, ethics, business reputation as well as focusing on planning the production and business of products related to health and retirement,” Mr. Cuong recommended.

Hoai Anh

Source: https://doanhnghiepvn.vn/kinh-te/doanh-nghiep-ngay-cang-kho-bat-kip-xu-huong-tieu-dung-khach-hang/20240619101910991