Experiential luxury has been one of the most highly impacted industries within luxury goods in Taiwan, as current value sales decline have been in steep decline in 2020 and 2021. In May 2021, the Taiwanese government implemented a lockdown, with many hotels forced to close due to border closures and travel bans, which has led to decreasing numbers in both domestic and international travel.
Due to the massive decline in paying guests, many hotels have been cutting their daily rates in a bid to boost occupancy in light of the ongoing COVID-19 pandemic. For example, Evergreen Laurel in Taipei introduced discounts of up to 60% off the normal rates of daily rooms for local customers.
With travel restrictions remaining in place it has been difficult for Taiwanese customers to travel abroad for the majority of 2021. Consequently, domestic travel has been dong well as Taiwanese consumers have been seeking ways to satisfy their desire to travel.
Experiential luxury is not expected to recover fully until the pandemic has completely come to an end. Meanwhile, a solution to kick-start the recovery process over the forecast period is to further encourage domestic travel.
To boost the recovery process over the forecast period, seasonal promotional deals and member-only deals alongside direct booking offers will need to be taken into consideration by luxury hotel players. Luxury hotels are also increasing their package features, offering benefits such as overnight weekend stays with breakfast for two, complimentary bottles of sparkling wine, welcome gifts, dinner for two, and weekend cocktails, or even morning, noon or night tours.
Experiential luxury is expected to only gradually recover given the ongoing travel restrictions and declining consumer confidence. One way to overcome these challenges could be the introduction of digitalisation as a way to repair some of the damage caused during the pandemic.
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Understand the latest market trends and future growth opportunities for the Experiential Luxury industry in Taiwan with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This is an aggregation of Luxury Hotels and Luxury Foodservice.
This report originates from Passport, our Experiential Luxury research and analysis database.
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