Optimistic consumers expand their budgets this Lunar New Year

GrabAds

. January 24, 2025 . Malaysia , Singapore , Vietnam

As Southeast Asia gears up for the Lunar New Year (LNY) or Tết (in Vietnam), one trend stands out: people are prepared to spend more.

To ensure brands are basing their LNY campaigns on the most up-to-date and actionable insights, GrabAds invited users to share their intents and hopes for the upcoming festive season.

Over half of Grab users surveyed in Singapore, Malaysia and Vietnam expect their LNY expenditures to go up, compared to last year.

Optimistic spending

In terms of budget allocation, users are distributing it quite evenly across meals and gatherings, groceries and new clothes and apparel.

Individuals in Singapore are planning to allocate a Lunar New Year budget of S$1,352, while those in Malaysia intend to spend around RM1,931, and in Vietnam, the budget is approximately VND 7.4 million.

Festive indulgence

Over 80 per cent of users surveyed across Singapore, Malaysia and Vietnam said that they prefer foods with less sugar.

That said, users are still keen to indulge during the festive season with a smaller proportion of users saying that they would opt for healthier food options than usual—just over 20 per cent for Malaysia and Singapore and 44 per cent in Vietnam.

Preparation starts early

Planning for festive meals well in advance is a common practice among users in these countries. In Singapore, 72 per cent of users begin preparations for their LNY at least a month in advance; 23 per cent prepare as early as two months ahead.

In Malaysia, 58 per cent of users start planning at least a month before. Those in Vietnam are comfortable with a shorter planning window, with 63 per cent planning Tết meals about two weeks in advance.

Cooking at home is the preferred option for many users during the festive season: 43 per cent in Singapore, 50 per cent in Malaysia and 59 per cent in Vietnam.

The most popular items on GrabMart? Meat and seafood, snacks and confectioneries, beverages, cleaning supplies and personal care items.

Millennials at the helm

When it comes to purchase decisions, millennials are the ones making the bulk of LNY purchases for their households in Singapore, Malaysia and Vietnam. In Vietnam, however, a significant portion of users also report that Gen Zs are stepping into the role.

While millennials and Gen Zs are often the key decision makers, older generations such as Gen X and boomers are the bigger spenders. In Singapore, the 16 per cent of Gen X and boomers who make LNY purchase decisions spend an average of 13 per cent more per order than millennials.

This trend is even more pronounced in Malaysia, where older generations spend 44 per cent more per purchase, and in Vietnam, where they spend 47 per cent more than their younger counterparts.

While there are subtle differences in the consumption patterns and needs of LNY decision makers in the countries surveyed, the bottom line is the same: There’s a sense of optimism around LNY spending and preparations for the upcoming festivities are in full swing.

For more detailed consumer insights, refer to our LNY reports for each country.

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