Industry Trends: Taiwan Fought Back COVID-19, but What about the Economy?

We’ve been tracking consumer insights during the pandemic since March this year. Though we see signs of increase consumer confidence, how have they changed so far? Let’s hear what Taiwanese respondents age 18 to 60 have to say, during the research period from May 8 to May 15.

Pandemic alleviated, Taiwanese regained confidence

No new cases of local COVID-19 patients has earned us some great market reactions. Over 37% of consumers felt optimistic about the overall environment, compared to a slight 23.0% back in March. Nevertheless, respondents still think that it won’t be till end of 2020 for the pandemic to really fade out. Businesses should continue to engage with consumers on social media, but also think about the marketing strategy to allure consumers once the economy is back on track. Compared with the same period last year, the Health Food (↑12.7%) spending along with Home Cleaning (↑12.5%) and Packaged Foods (↑10.1%) categories have increased, but not as impressively as the previous pandemic outcry.

These growing categories are obviously great businesses to partner with, to earn even more share of voice and help boost the entire consumer market.

Does the optimism translate into increased investments?

Rougly 50% of respondents are interested in making some sort of investments and willing to risk 26.3% of loss if occurred. Yet most are still conservative when it comes to investment options. Other than keeping the cashflow, Gold/Precious Metals (21.6%) and Real Estate (18.1%) are still hot in demand.

Investors are interested but unsure about real estate

Though real estate is one of the top 3 investment options, almost 70% of Taiwanese is hesitant about it. Half felt like it’s time to invest, but the other half predicted a downfall. Regardless of which, this is a great time for both real estate businesses and consumers to exchange more information. Investors should be in the know so capture the right timing for profitable real estate transactions.

Strategya is the antidote, starting from consumer insights

The world market is hit hard by the pandemic, but it also accelerated consumer behavioral changes. Therefore, keeping up with consumer insights is more important than ever for businesses and consumers alike. The more you know, the better your investment plans are. Want to know how your industry, consumer insights are doing in Taiwan or other parts of Asia? Contact us now and let us be your best strategic partner! Together we are stronger.

Download the full report here.