Lunar New Year 2024 Market Insights from Singapore, Malaysia, Vietnam & Thailand

Image by Khoa Võ

In anticipation of the forthcoming Lunar New Year festivities, GrabAds, the advertising arm of the Southeast Asian superapp, has unveiled its Lunar New Year Insights reports highlight some interesting trends among consumers in Singapore, Malaysia, Vietnam, and Thailand, where the festival is widely celebrated.

Through these hyperlocal insights, GrabAds aims to assist brands in capitalising on consumer trends and enhancing their advertising strategies to effectively reach out to consumers during the Lunar New Year period in Southeast Asia.

The reports surveyed the following number of Grab users in each market:


 
  • Singapore: 1876
  • Malaysia: 4189
  • Thailand: 1482
  • Vietnam: 1141

Key Insights

GrabAds provided the following insights into Southeast Asian countries.

Preparation work for Lunar New Year starts early

Respondents surveyed about festive plans say they start stocking up as early as two weeks before a festive period.

% of users who would stock up on food and beverage items 2 weeks prior to the festive period:


 
  • Singapore: 69%
  • Malaysia: 63%
  • Thailand: 31%
  • Vietnam: 51%

% of users start to stock up on groceries 2 weeks prior to the festive period:

  • Singapore: 63%
  • Malaysia: 56%
  • Thailand: 36%
  • Vietnam: 54%

Fulling festive needs with convenience through on-demand shopping

Amidst the hectic preparation of Lunar New Year, users value convenience. Many Grab users are turning to on-demand services, such as Grab, to fulfill their festive needs. Hence this festive period presents opportunities for brands to boost sales by marketing their products and services through on-demand channels.

% of users who would use on-demand services to order food

  • Singapore: 83%
  • Malaysia: 82%
  • Thailand: 86%
  • Vietnam: 54%

% of users says they would use on-demand services to order groceries

  • Singapore: 69%
  • Malaysia: 64%
  • Thailand: 94%
  • Vietnam: 54%

Omnichannel strategies to appeal to hybrid shoppers

When given a choice, most users said they preferred to shop online and offline. This emphasises the importance of an omnichannel strategy.

% of respondents who prefer to shop online and in physical stores for festivities:

  • Singapore: 70%
  • Malaysia: 70%
  • Thailand: 60%
  • Vietnam: 64%

Popular items on the menu for Lunar New Year 

Each Southeast Asian market has its distinctive touch for celebrating Lunar New Year; in Singapore, shoppers flock to Yusheng, a cherished home delicacy, while in Vietnam, Tet gifts dominate shopping lists.

Top items users search for in GrabMart:

Singapore

    • #1 Yusheng
    • #2 Cake
    • #3 Ice cream
    • #4 Beer
      • Average order value of alcohol increased by 5% in the 2 weeks before Lunar New Year compared to the preceding period.
    • #5 Bread

Tip: When promoting Lunar New Year bundles, ensure the creatives have keywords such as “yusheng” in clear legible fonts, to stand out to customers searching for them.

Malaysia

    • #1 Cake
      • Cakes saw an 8% growth in orders in the 2 weeks before Lunar New Year compared to the preceding period
    • #2 Beer or soju
    • #3 Ice cream
    • #4 Durian
    • #5 Hamper

Tip: Package indulgent food items in festive hampers and promote them with ads to ensure they remain top of mind as users browse options.

Thailand

    • #1 Flowers
    • #2 Fruit
    • # 3 Drinking water
      • Beverage orders grew by 6% in the 2 weeks before Lunar New Year compared to the preceding period
    • #4 Ice
    • #5 Egg

Vietnam

    • #1 Beer
      • Average order value of alcohol rose by 12.5% in the 2 weeks before Tet (Vietnamese term for Lunar New Year) compared to the preceding period
    • #2 Tet gifts or Tet baskets
    • #3 Fruit
    • #4 Flowers
      • 25% growth in flower orders in festive week compared to non-festive week.
    • #5 Milk or dairy

Tip: When promoting Tet gifts sets, ensure the creatives have the keywords “Tet gifts” in clear legible fonts to stand out to customers searching for gift sets.

Seafood is also hot on the menu. Grab data shows that the weekly average order value of seafood on GrabMart rose steadily in Malaysia and Vietnam.

  • Malaysia: The top seafood item searched on GrabMart before Lunar New Year is prawns
  • Vietnam: The top seafood items searched on GrabMart before Lunar New Year are salmon and prawns.
  • Tip: Promote fresh seafood bundles using online ads amongst a segment of regular grocery shoppers

Key shoppers during Lunar New Year

Chief Family Officer (CFOs)

Respondents who are willing to spend more on the best products for their families and homes

  • Singapore: 89%
    • These respondents have 1.4 x monthly spend and 1.3x delivery frequency versus an average Grab user
  • Malaysia: 94%
    • These respondents have 2x monthly spend and 1.8x delivery frequency vs an average Grab user
  • Thailand: 80%
    • These respondents have 1.9 x monthly spend and 1.8x delivery frequency vs an average Grab user
  • Vietnam: 93%
    • These respondents have 2.3 x monthly spend and 2x delivery frequency vs an average Grab user
  • Tip: Since CFOs are busy with family commitments, merchants can promote quality products that cater to family groups.

Gen-Zs and Millennials

The reports also highlight differences in higher spending demographics between countries.

In Vietnam, Gen-Zs are the main spenders. Grab’s data shows that the average order of Gen-Z’s in Vietnam is 14% higher than that of Millennials, and 11% higher than that of users aged 35 and above.

However, looking at Singapore, Millennials are the demographic that spends more. Grab data shows that the average order value of Millennials in Singapore is 6% higher than that of Gen-Z users, and 11% higher than that of users aged 35 and above.

Brands should be mindful of the key demographics in each market that they need to cater to when it comes to satisfying Lunar New Year shopping needs.

The Staff

The Staff

Gettin' it done, when the done needs gettin'.

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