HCM City foodstuff demand volatile as consumers hoard
HCM City foodstuff demand volatile as consumers hoard
Supermarkets and food stores in HCM City continue to have abundant stocks of foodstuffs and groceries, but demand has been erratic.
Do Quoc Huy, marketing director of Saigon Co.op, said due to the restrictions, people buy a lot of foodstuffs at one time to store for many days and then stop buying for a few days.
“The cycle is usually about five to seven days.”
Huy said since foodstuff supply is abundant consumers play an important role in regulating prices, explaining that if they do not hoard, prices would gradually decrease.
Supplies to the city’s markets and distributors are stabilising though some problems with shipments from other provinces still remain.
There is an abundance of essential goods including items such as vegetables and meat products.
Truong Chi Thien, director of Vinh Thanh Dat Foodstuff Joint Stock Company, said people keep rushing to stock up and so his company has had to divert products away from its online channels to focus on its main distribution channels.
But demand has now steadied, and the market would soon stabilise, he said.
Prices are also returning to normal after hikes in the last few days amid the hoarding.
Businesses are increasing production of essential goods.
