Survey Report: Impact of COVID-19 in Taiwan - April 2020

Comparing to Q2 and Q3 in 2019, whether it's regarding the past 12 months or the next 12 months, more women believe everything is either getting better or getting worse. There's a significant drop of numbers of those who think the situation will stay the same.

Key findings

• Demands in categories such as Household Goods, Medicine and Health Supplements, and Package Foods grow sharply, while Luxury items, Travel, Alcoholic Beverages industries will continue to be hit by the pandemic.
  
  
• People aged 16-19 show 10% of increase in their budget, while consumers in their 20s and 30s only slightly increase their budget. On the other hand, the budget of people aged 40-50 decreases to a small degree.
  
  
• Women generally become more conservative towards investment, 56% of them think it's too risky now and they would rather have cash or gold on hand.
  
  

Recommendations

• As the March survey indicates, household goods, medicine and health supplements, and packaged food gained the biggest in women's spending budget with even higher percentages.
  
  
• Pick your audience wisely: Focus on the younger generation and the Amplifiers, as they are more optimistic and more likely to increase spending.
  
  
• Pay attention to how/what in your 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.

Download the report here!