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

Compared with our previous surveys, Taiwanese sentiment towards the outbreak have become more stable. For the percentage of people who predict the environment will continue to improve for the next 12 months, the July result is similar to what we found in May, and more optimistic than March.

Key findings

• The overall spending budget is estimated to go up by 6.1% in July. Compared with previous surveys, a purchasing power boost in budget can be expected.
  
  
• Apart from people who choose to hold onto cash, 24.3% of the respondents are willing to invest in the stock market and tolerate losses.
  
  
• More than half of the people prefer using digital banking services. On average, each person has 2.46 digital bank accounts.
  
  

Recommendations

• Since people aged between 18-29 show much more interests than other age groups in fashion services, skincare and cosmetics, businesses can target them and provide them with special offers.
  
  
• As we can see the recent revival of customer interest in spending, businesses should revisit their old marketing or channel strategies if there appears to be no sales growth despite the surge of demands because the best business practice is to constantly make adjustment and evolve in response to consumers' needs.
  
  

Download the report here!