The Taiwanese government’s careful and successful management of the COVID-19 crisis meant that the biggest story in Taiwan’s digital consumer market in 2020 was not the impact of the COVID-19 pandemic. In fact, the most monumental event in the industry during the year was the official launch of Taiwan’s 5G mobile telecommunications network.
One feature of Taiwan’s digital consumer market that should be borne in mind is the primary importance of instant messaging and social chat apps. Indeed, the online activity of very many Taiwanese people is heavily focused on social messaging apps, with more than 90% of digital consumers have been reported using the internet primarily for instant communication with friends and family.
The amount of money being spent by Taiwanese consumers via digital wallets and other digital payment systems increased substantially over the course of 2020 as many people sought to avoid shopping in stores, while the importance of cash as a payment method in the proximity environment diminished as consumers sought to avoid physical contact with potential vectors for the COVID-19 virus wherever possible. Thus, several players in this space, notably LINE Pay and PX Pay, have invested heavily in improving their services and expanding their operations in an effort to attract consumers.
One of the most important consequences of the COVID-19 pandemic for Taiwan’s digital consumer market in 2020 was that consumers looked to the internet as a primary source of information more than ever before. More attention was drawn to online content including news and current affairs, educational and training courses and entertainment streaming as the strict approach taken to social distancing and home seclusion meant that many people relied heavily on online channels for a variety of purposes.
The forecast period is expected to see substantial growth and development across all areas of Taiwan’s digital consumer market. The recent launch of the national 5G network is set to combine with the newfound reliance on the internet as a source of information and entertainment to underpin massive development in the digital consumer scene, with smartphones and mobile internet expected to become increasingly important for consumers and industry players alike.
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