Survey Report: Impact of COVID-19 in Taiwan - February 2021

While coronavirus is still wreaking havoc around the globe and there had been a cluster infection in Taiwan and several confirmed cases tied to it, Taiwanese feel the situation has worsen and normal life seems to be further away. Despite that, with news about successful vaccine development and procurement, people have become positive towards the macro environment in the coming year for the first time.

Key findings

• As the survey was conducted right before lunar new year, the report finds a substantial increase in spending budget. The budget of those between 30-39 has even gone up by 15%.
  
  
• Among all product categories, people plan to spend the most on medicine/health supplements, with a 5% of growth compared to the previous survey.
  
  
• Our report finds 70% of people have equipped themselves with financial plans, which is about the same as last months survey and there's no much differences by age group.
  
  

Recommendations

• We can expect the dining/entertainment budget to increase the most during lunar new year. Such demand will decline after the holidays, so special offers and discounts might be effective in keeping customers' spending power.
  
  
• Proactive marketing and offering timely services to big spenders will help spread the social influence to other groups and stimulate their consumption.
  
  
• In addition, the largest difference in the use of financial services is found in insurance. Only about 40% of the youth have insurance policies, while 70% of people between 50-60 do. Apparently, there's still a gap in the market. To appeal young customers, insurance companies can start with satisfying their needs of financial planning.
  
  

Download the report here!