TET 2024: Market Insights and Consumer Behavior | 22 Sep, 2023
Tet 2024, the Lunar New Year in Vietnam, is not just a celebration – it’s a vibrant explosion of culture and tradition that paints the country in hues of hope, renewal, and good fortune.
Imagine the excitement of spring’s arrival, the anticipation of a fresh start on the lunar calendar, and the universal embrace of good luck. Tet is all of this and more.
You must be wondering, why all this talk about Tet.
Well, understanding Tet and diving into the deep well of its cultural customs and rituals is the golden key for advertisers. It’s the secret sauce to connect with Vietnamese consumers during this grand season of celebration.
Why is TET 2024 a Big Opportunity for Advertisers?
The Tet celebrations in Vietnam are a big deal, not just culturally but also for businesses. Before Tet, people spent twice as much as usual. They do this to give family and business associates gifts and enjoy time with loved ones.
For many companies, whether they do well or not during Tet can make or break their entire year. According to a report by Cimigo, brands that make spirits see up to 60% of their yearly sales in the six weeks leading up to Tet.
Beer sales go up by 30%, and things like soft drinks, biscuits, and candy also sell a lot more. People also use this time to refresh their homes and themselves, so sales in personal care, fashion, home appliances, and building materials go up.
Most people shop for Tet at supermarkets and wet markets, but personal care products sell well online.
In Tet 2023, Vietnamese people are feeling positive and plan to spend more on travel and shopping, especially for things like mobile phones, motorbikes, and appliances.
Consumer Trends During TET 2024
- The typical Vietnamese shopper plans to spend approximately $100 during the Tet period.
- Fast-moving consumer goods (FMCG) will make up the majority, accounting for 60% of online sales.
- Among product categories, beverages are expected to be the top choice, with a growth rate of 20%.
- Half of the shoppers are looking for personalized and tailored shopping experiences.
- A significant 80% of shoppers intend to utilize social media platforms for product research.
- Around 20% of shoppers are interested in live-streaming shopping to engage in real-time interactions while making their purchases.
How Should Brands Reach the Vietnamese Audiences During TET 2024?
Mirrors and Parallels, the two AI-powered brand-suitable solutions of Silverpush can help brands and agencies reach their Vietnamese audiences contextually this Chinese New Year. Let’s see how:
Real-Time Ad Sync
Leverage the festive season of the Chinese New Year to capitalize on cross-screen behavior through real-time syncing of TV ads with digital ads on social media platforms with geo and demographic targeting. Our technology identifies real-time Tet-related triggers on TV to synchronize your brand ads.
Competition Sync
Stay ahead of the competition by targeting your competitor’s screen time.
Self/Competitor Sync
Enhance ad recall by syncing your TV and digital ads.
Outsmart competitors by triggering your digital ads alongside competitor’s TV ads
Geo-Fencing
Activate mobile ads when consumers are in proximity to stores or marketplaces.
Mirrors
Mirrors serves contextual ads by detecting faces, logos, objects, places, actions, and on-screen text (in 500+ Chinese New Year contexts) to capture your audience’s attention across multiple platforms and increase brand awareness during this opportune time.
YouTube
Mirrors can identify key moments on YouTube, such as shopping, traditional recipes, TET preparation, and home decor, to strategically place your ads when users are most engaged and in a completely brand-safe environment.
Meta
On Meta, Mirrors can identify Tet-related content across popular pages and contexts, ensuring your ads reach audiences when they’re most likely to engage.
Programmatic
Mirrors can craft tailored contextual segments for the Tet festival, allowing advertisers to target audiences based on Tet-related search intent
To boost Tet campaign viewability, advertisers can utilize Crafters‘ interactive Tet elements from the curated gallery or create custom interactive ads.
Conclusion
In a nutshell, Tet is a vibrant season of celebration and spending in Vietnam, making it a prime opportunity for brands to engage with consumers and boost their sales. By embracing innovative advertising technologies like Mirrors and Parallels and understanding the cultural significance of Tet, advertisers can make the most of this festive occasion and ensure a prosperous start to the Lunar New Year.
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