Survey Report: Impact of COVID-19 in Taiwan
- November 2020
As there is no sign the global pandemic situation will be stabilized soon, Taiwanese’s outlook on the future is rather pessimistic. The percentage of people with bright outlook keeps dropping for 4 consecutive months.
- Among all product categories, medicine/health supplements, household goods, and packaged foods are still the ones people plan to buy the most, but the trend to spend less will continue till the end of 2021.
- Almost 60% of the youth are credit card users. As a whole, the elder the respondents, the more financial products they use. Insurance, stocks and funds are common investment portfolio for people above 50.
- At a time like this, the youth are considering equities, f/x, insurance and fund for investment. However, nearly half of the youth prefer to hold on to cash instead of making invertment.
- The consumption trend shows that consumers with moderate spending power will aim for products with low price and high cost–performance ratio. Launching large-scale promotional activities might attract Taiwanese consumers at the end of the year.
- As people are uncertain about the economic outlook, banks and investment services providers can take this opportunity to offer educational information and financial guidance to the young consumers.
Download the report here!