Survey Report: Impact of COVID-19 in Taiwan - March 2020
The recent spread of the coronavirus 2019 (COVID-19) has impacted many aspects of the Taiwanese’s lives, so in our March update, we investigated how people are feeling towards the situation. Taiwanese feel macro environment has been sour in the past 12 months, and while they expect it to get better in the next 12 months, overall mood is still more negative than positive.
- Product categories such as Household Goods, Medicine and Health Supplements, Package Foods are likely to see boost in demands, while Luxury items, Travel, Alcoholic Beverages industries will be the worst hit.
- The younger you are, the more likely you will ‘spend more’ in the coming 3 months. Consumers under 30 are like to spend (+3.8%). Consumers aged 50+ are likely to reduce their spend by (6.2%).
- Opinion Elites are more positive and most likely to increase spending (+6%).
- Pick your audience smartly: Focus on the Younger, Elite audience as they are more optimistic and more likely to increase spend.
- Pay attention to ‘how/what’ you message: During this anxious times your product and services are among the many things that ‘will not be consumed’ in the same way and/or in the same mindset. There is good opportunity to show care and sensitivity to your target audience in this time of potential crisis.
- Stay agile and revisit your marketing & channel strategy: Consumers are less likely to be visiting crowded places and this can have big implications for your marketing touch points and sales channels.
Download the report here!