Whilst the country’s economy was relatively undisturbed by the pandemic in 2020, the COVID-19 outbreak in mid-2021 (May to July) greatly changed the consumption habits and lifestyles of the Taiwanese population, and had a significant negative impact on the sales of department stores. According to statistics from the government, the annual growth rate of department store sales over May–Jun decreased significantly, as this period was usually popular for annual shopping festivals at department stores, but COVID-19 led to empty stores.
With the impact of the COVID-19 outbreak, department stores actively interacted with their customers through Facebook to drive sales. The level of engagement significantly increased during the outbreak compared with prior to the outbreak.
In October 2021, Taiwan launched its Quintuple Stimulus Vouchers programme to help stimulate Taiwan’s economy as it recovered from the soft lockdown over the summer. These were worth TWD5,000, and unlike the Triple Stimulus Vouchers in 2020, which were worth TWD3,000 each, they did not require TWD1,000 to acquire, but were free of charge.
Since e-commerce marketplaces such as Momo and PChome have become well-established and mature with a large customer base, it has become a huge challenge for department stores to join the e-commerce race. However, the biggest difference between department stores and e-commerce platforms stands in the customer service experience.
After the country gradually recovered from the COVID-19 outbreak after the summer, store-based operations went back to normal hours and consumers began going out once again. Therefore, a return to current value growth is expected throughout the forecast period, along with a slight rise in the number of outlets and the return of tourists.
Taiwanese consumers are no longer shopping in the way that department stores conventionally sell. Department stores used to be a shopping mecca, where consumers could discover and access new brands.
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Understand the latest market trends and future growth opportunities for the Department Stores industry in Taiwan with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Department Stores industry in Taiwan, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
Department stores are chained or independent retail outlets that usually exceed 2,500 sq metres of selling space, are typically in high-street or shopping mall locations, and have a primary focus on selling a range of non-food/drink/tobacco merchandise across several categories in different departments. Department stores usually have a mid-to-upper price positioning. Example brands include Macy’s, Marks & Spencer, and Takashimaya.See All of Our Definitions
This report originates from Passport, our Department Stores research and analysis database.
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