September 5, 2023

Industry Trends: The Epidemic Has Stabilized, but Taiwanese People’s Desire for Consumption Has Not Risen Significantly?


covid 2021 November



As the epidemic gradually stabilized, the public's focus gradually shifted to other topics, but vaccine-related topics still remain in the hearts of the people, and any disturbances will cause an uproar. As some countries gradually pay attention to the coming of the next wave of epidemics, countries such as the Netherlands have taken measures to reduce the nighttime business hours of related stores. Can Taiwanese society continue to control the epidemic and remain open? How do people envision short-term consumption plans? When can businesses take the opportunity to test whether they have mastered the tastes of consumers in the era of coexistence with the epidemic?


Epidemic stabilizes, consumption outlook is conservative

In the latest survey, as the epidemic is under control, the proportion of people who feel pessimistic about the next year has dropped dramatically. However, only 30% of the people believe that it will be "better and better" in the future. The tendency to be conservative also appears in the consumption budget for the next month. In the latest survey results, maintaining the tone of the previous survey results, consumers’ judgments are still relatively passive on the whole. Other medical and health care products, food and household goods still account for the largest consumption plans, and they have increased by about 30% more than before.


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What is left behind due to the epidemic? Which disappeared?

Despite this, the "boring" masses have brought long-lost demand for outing entertainment and food, but has the crisis between food delivery and physical consumption made people accustomed to ordering food and relying heavily on online shopping? And has this caused irreversible and obvious changes in sales and marketing? In other words, if no special consumption experience is provided, after the freshness of retaliatory consumption has just begun, will people still be willing to go to physical places to consume in person? And will there be new forms of business models, such as take-out, remotely occupying the main force of store operations, adjustments to operational development strategies (such as online meetings, online performances become the norm), or new gathering places and different forms of entertainment appear?


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It’s also worth noting that despite the timing and incentives for the department store’s anniversary, the “Double 11” online shopping celebration, and the policy-based “quintuple stimulus coupon”, the public’s desire for consumption has not risen significantly. Does this show that the public is conservatively postponing the consumption plan and planning to wait for the purchase and sale of high-value or specially planned target items; or are there still no exciting products that arouse people's desire for consumption?


Putting the goal at the end of the year can better see consumer trends and acceptance

Take the Disney+ audio-visual service that has just started service in Taiwan for example. On the one hand, people have developed the habit of watching online streaming, which is profitable, but it is true that in this fierce battlefield where everyone is fighting against each other, how to stand out from the past and attract new audiences among the used groups from the past is indeed a great challenge. However, in this difficult era of coexistence with the epidemic, it is also the best era for some housing industries. If this turning point can be grasped, consumers can feel the vitality of consumption again, and then update their operating strategies. Then, at the end of the year, the highlight of consumption after the covid-19 epidemic will also be an excellent inspection of the constitution and business policies of enterprises in the era.



Survey Agency: InsightXplorer Ltd.
Date: Nov 3 to Nov 5, 2021
Survey Method: Online survey
Respondents: People aged 18-60
Number of samples: 1123
Author: Yueh Ling Hsu



Download the full report here.