Lunar New Year promises boost for Asian FMCG sales

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Photo from: Pixabay

By: Inside Retail Asia

FMCG sales in Asia are expected to record growth during the upcoming Lunar New Year season despite the Covid-19 pandemic, according to Nielsen.

Asia’s biggest festive event usually records high consumption of food, beverages, alcohol, personal-care and household products every year. In key markets, including Mainland China, Hong Kong, Malaysia and Vietnam, the FMCG sales achieved double-digit sales value growth during last Lunar New Year, before the pandemic spread too far outside the mainland. However, due to the ongoing Covid-19 situation, this Lunar New Year will differ from one country to another.

“We believe that these time-tested Lunar New Year traditions will continue during the pandemic, but they will take different forms and be smaller in scale,” said Diem Sekerel Erdogan, senior VP, intelligent analytics at NielsenIQ, Apac and Eastern Europe, Middle East and Africa. “Smaller-sized social gatherings may also impact the sale of alcoholic beverages – with consumers choosing quality over quantity, thereby favouring premium brands.”

 

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