Survey Report: Female Spending Behavior in Taiwan
- October 2020
Even though COVID-19 is well contained in Taiwan, with the change of season/drop of temperature and no sign of effective vaccines available, women still have pessimistic sentiment towards the overall coronavirus situation and hence prolong their expectation again they don't think life will be back to normal until June 2021.
- Skincare and beauty products see significant growth in budget because anniversary sale is coming up. The youth show strong purchase intent on fashion/accessories.
- Gold/precious metals is seeing greater volatility as it had significant growth in August but now it's down to 7.5%. By comparing past stats, the drop of gold price should be the reason why female investors are losing their interests.
- With the upcoming anniversary sale, around 60% of female consumers say they will shop as usual while only 20% show intent in spending more, mainly on skincare products and clothing.
- Masks have become people's daily necessities. With the change of season, brands in skincare/cosmetics will need to take into consideration people's skin problems for wearing masks.
- As the skincare demand changes along with the season, businesses should not miss the opportunity the anniversary sale shopping spree of skincare products.
- Brands with bricks and mortar stores should try to enhance their omnichannel retail services to meet young customers' shopping demand.
Download the report here!