Consumer Spending Patterns

The 2026 Lunar New Year (Tet) period generated an estimated VND 310 trillion in consumer spending, a 9.2% increase over the previous year. The composition of that spending, however, has shifted measurably — away from traditional retail and toward experiential consumption, e-commerce, and digital services.

Retail and FMCG Performance

Modern trade channels — supermarkets, convenience stores, and e-commerce platforms — captured 62% of Tet-related FMCG spending, up from 55% in 2024. Traditional markets still dominate fresh food categories, but packaged goods, beverages, and confectionery have migrated decisively toward organised retail. NielsenIQ data shows that VinMart, Co.opmart, and Bach Hoa Xanh collectively accounted for 38% of FMCG volumes during the three-week Tet shopping period.

Premiumisation trends were evident across categories. Gift sets priced above VND 500,000 grew 18% by volume, while entry-level sets declined 4%. Foreign-branded alcohol, imported confectionery, and high-end tea all outperformed mass-market alternatives. This reflects both income growth among urban households and the cultural significance of Tet gifting as a status signal.

E-commerce platforms recorded their strongest Tet season to date. Shopee, Lazada, and Tiki reported combined gross merchandise value of VND 18.4 billion during the two weeks preceding Tet, a 24% year-on-year increase. Same-day and next-day delivery options, previously unreliable during peak periods, functioned at 94% on-time performance according to platform disclosures.

Travel and Hospitality

Domestic travel during the Tet holiday reached 12.5 million trips, a 15% increase from 2025. Da Lat, Phu Quoc, and Sa Pa were the most visited destinations, with average hotel occupancy rates of 92%, 88%, and 85% respectively. International departures also increased, with bookings to Japan, South Korea, and Thailand up 22% year-on-year.

Average spending per domestic trip rose to VND 6.8 million, driven by longer stays and higher accommodation standards. Boutique hotels and serviced apartments gained share from traditional three-star properties, particularly among younger travellers booking through online platforms. The cruise segment showed early signs of recovery, with capacity on Ha Long Bay routes operating at 78% during the peak period.

Digital Payments and Financial Services

Digital payment transaction volumes during the Tet period grew 34% year-on-year, according to the State Bank of Vietnam. QR code payments, mobile wallet transfers, and e-commerce transactions all contributed. MoMo, ZaloPay, and VietQR processed a combined VND 85 trillion in transactions during the holiday week, with peak daily volumes exceeding VND 16 trillion.

Red envelope (li xi) gifting migrated further into digital formats. An estimated 42 million digital red envelopes were sent via Zalo and Momo, up from 31 million in 2025. The average value remained modest at VND 200,000, but the volume growth signals deepening penetration of digital financial services among demographics that were previously cash-dependent.

Consumer credit demand spiked in the pre-Tet period, with unsecured personal loan disbursements 28% above the monthly average in January. Several banks ran promotional campaigns with reduced interest rates for the first three months. The risk profile of this lending is a concern: non-performing loan ratios in consumer finance have edged up to 3.2%, and the post-Tet repayment period will test portfolio quality.

Automotive and Big-Ticket Items

Vehicle sales in January 2026 reached 38,500 units, a seasonal record driven by year-end promotions and the cultural preference for purchasing vehicles before Tet. Toyota, Hyundai, and Kia led volume, while VinFast maintained its position in the domestic EV segment with 4,200 units sold. The hybrid segment grew fastest, with registrations up 45% as consumers sought to avoid petrol price volatility.

Real estate transactions showed the expected seasonal slowdown, with January volumes 35% below the Q4 2025 monthly average. However, developer marketing activity was unusually high, with multiple project launches timed for the post-Tet period. Early indicators suggest that demand from overseas Vietnamese returning for Tet may translate into Q2 purchase decisions.

Implications for Investors

The Tet 2026 data confirms several trends that have been building for several years. E-commerce penetration is accelerating, even among older demographics. Premiumisation is not limited to Hanoi and Ho Chi Minh City, with secondary cities showing comparable growth rates in mid-to-high-end categories. Digital financial services have crossed a threshold of habitual usage.

For consumer sector investors, the implications are operational as much as strategic. Supply chains must be configured for omnichannel fulfilment. Marketing budgets must be allocated across an expanding set of digital touchpoints. Talent acquisition in data analytics and e-commerce operations is increasingly competitive.

Conclusion

Tet remains the defining economic event of Vietnam's consumer calendar, and the 2026 data confirms that the underlying economy is healthy. The shifts in channel mix, payment behaviour, and product preferences are structural rather than temporary. Enterprises that align their operations with these shifts will capture disproportionate growth in the years ahead.