September 5, 2023

Industry Trends: Does the Quintuple Stimulus Voucher Lead the Price to Hike?


stimulus voucher 2021 June



The quintuple stimulus voucher released in November, meanwhile, the Directorate General of Budgeting, Accounting and Statistics (DGBAS) revealed that Taiwan's consumer price index climbed to the highest in over nine years. People have paid much more for their food and vehicles since this winter. After Taichung-based Wowprime Group and McDonald's raised menu prices starting from October, many dining outlets nationwide followed suit.



According to the latest research, 94.4% of participants were under the stress of price increase. Especially, the age group of 50 to 60 were much more sensitive on price hike than other age group. People with 84.5% claimed that rice, noodle, and eggs were the most significantly increasing commodities followed by dining outlets (75.6%), packaged food (64.4%), and groceries (63.8%). In addition, the age group of 50 to 60 were much more sensitive to price hikes than other age groups.


Chart 1


Chart 2



At the same time, approximately 90% people used their quintuple stimulus voucher, and most of them spent on food and groceries. The unused vouchers are expected to purchase food and groceries as well. The commodities which people use the voucher to buy are the same with the price-hiked one. Therefore, people are still under the stress of price rise although the government released quintuple stimulus vouchers.


Chart 3



On the contrary, some people have not used all their quintuple stimulus vouchers. They are waiting for a satisfying discount, and most of the unused vouchers are allocated on appliances and 3C products purchased.

In the sum, the consumer price index has been rising but the wages have not. Although the quintuple stimulus voucher revitalizes the economy, people still need to reduce their cost of living actively.


Chart 4



Survey Agency: InsightXplorer Ltd
Date: Dec 1 to Dec 5, 2021
Survey Method: Online survey
Respondents: People aged 18-60
Number of samples: 953
Author: Mercy Shao