Survey Report: Impact of COVID-19 in Taiwan - August 2020
In general, Taiwanese female consumers are feeling quite positive about the coronavirus impact on their personal safety, but rather pessimistic about how the outbreak could affect consumption and economy. As the surrounding countries are still struggling to flatten the curve, most respondents believe the COVID-19 situation will not improve in a short period of time, and they will have to stay alert.
- Among all product categories, people still plan to spend the most on essential goods: household goods, medicine/health supplements and packaged foods.
- Besides holding onto cash, equities are still the most popular targets.The resilience of gold and precious metals have started to capture female investors' attention.
- The ones with the most spending budget are people aged 30-39. Those aged 16-19 have more budget in dining/entertainment and fashion/apparel while people between 30-39 plan to spend a lot more on packaged foods and alcoholic beverages.
- With the summer heat and the mask mandate, businesses in skincare should be able to attract customers and increase sales by targeting the demand and launching the right campaign.
- The younger generation and the amplifiers, the active social media users, have more optimistic outlook towards the future but people aged between 30-39 and the opinion elites have more spending power. Brands and businesses can try to find ways to persuade these two groups to shift their usual spending from travel and luxury goods to self-pampering services/products in daily life.
- Businesses should keep abreast of the market updates by being perceptive observers. Identify/focus on consumer demands and strengthen consumers' impression on your products/brand. Work from two angles at the same time. Be flexible and agile to respond to the changes so as to spur consumer spending.
Download the report here!