In the days leading up to the Lunar New Year, when many markets and shopping streets in Ho Chi Minh City enter peak season, the atmosphere at Binh Tay market - a wholesale market considered to be the supply hub for confectionery and goods to many provinces and cities - surprised many people when many stalls closed.
Recorded in rows of stalls specializing in selling nuts, jams and Tet specialties, many items are still fully displayed for sale, but the number of stalls opened for sale is not as bustling as every year. Some small traders said that the number of customers coming to the market this year has decreased by about 50%, and weak purchasing power has caused business to fall into a state of struggling to sell.
“Around after the full moon of December, the number of customers coming to the market has increased compared to before, but the paradox is that many items are scarce, especially custard apple jam and some types of confectionery. The prices of these items are currently increasing by about 20% compared to before. In previous years, we often proactively stockpiled goods early, so at peak times, even if market prices fluctuate, we can still maintain stable selling prices for customers. This year, the import prices of confectionery and jam are higher, so we only import sparingly” - Ms. Hanh, a small trader selling confectionery, shared.
Prices of many types of nuts and jams did not fluctuate too much compared to the same period, an increase of 10-20%, depending on the type, but purchasing power decreased significantly. Currently, sunflower seeds are sold at a price of about 9,000 VND/kg, watermelon seeds 19,000 VND/kg, pumpkin seeds 140,000 VND/kg. Ginger jam, coconut jam, lotus seed jam... fluctuate around 150,000 VND/kg.
Not only is purchasing power weak, some items are also in a state of scarcity. Notably, cashew nuts - a familiar food in Tet cake and jam trays - are increasing sharply in price and lacking supply.
This year, cashew prices have increased continuously, almost at a different level every day. Wholesale prices have risen to 280,000-320,000 VND/kg depending on the type, but even with money, it is not certain that there will be goods to sell. Many acquaintances called to ask, but we had to shake our heads" - Mr. Tran Van Phu, a small trader, said.
Some other customers also believe that changing consumer trends are the reason why the market is less bustling. Instead of buying in large quantities, many families tend to choose to buy just enough or switch to modern sales channels, supermarkets, and convenience stores.
Ms. Vu Minh Anh (resident of Cho Quan ward) said that this year her family tightened spending, so they only buy really necessary items. "Every year I buy quite a lot of nuts and jams to treat guests, but this year I only take a little of each item. The prices of some types are still high compared to my pocket, so I have to calculate" - Ms. Minh Anh shared.
Amidst the scene of many stalls closing early, those still clinging to the market are still quietly waiting, hoping that the last days before Tet will bring more positive signals for a Tet season that is the most anticipated of the year.
