Consumers say no to upmarket goods

HCM City (VNA) - Sales of upmarket goods in the HCM City have dropped 30-35 percent in the past month, according to department stores in the city.

Sales staff at Diamond Plaza , Tax Department Store and Parkson
Saigontourist, three major malls in HCM City , said few customers are
visiting, even on weekends, despite a flurry of sales promotions.

At the luxury shops now open in the recently renovated addition to the
Rex Hotel downtown, sales have also been slow.

The international luxury brands Chloe, Marc Jacobs and Balenciaga and others
sold in shops downtown are attracting few buyers.

"A few months ago, I saw a lot of sophisticated customers here," said
shopper Nguyen Thu Trang, who is a director of a travel agency.

Nguyen Ngoc Hoa, a regular customer at Chloe, said she could afford the 900
USD handbags on sale there.

"But I must learn to say no to upmarket goods in this time of inflation. I'll
be a fish out of water if I keep spending money on these expensive products
while everyone else is tightening their belt."

Mobile phones are also among the goods that have experienced a sharp drop in
sales, with the The Gioi Di Dong (World of Mobile Phones) company reporting
a 25 percent fall in sales in its chain of 25 stores.

"I used to trade in my mobile phone every two months and pay an additional
2-3 million VND (125-188 USD)", said customer Hoang Thanh Phong, who works
as a construction contractor. "But I have stopped that habit, using the same
old phone for the past three months."-Enditem