Retail value sales in home and garden recorded a slower decline in current terms in 2018 compared with 2016 and 2017. The major driving factors behind the continue decline, however, were economic depression, weakening purchasing power due to stagnant wages, the after-effects of the labour law revisions by the Taiwanese government in 2017, alongside the conservative consumption psychology amongst Taiwanese consumers in the election season.
Despite real GDP growth and the number of registered buildings in Taiwan increasing slightly in 2018 compared with 2017, the short-term recovery paused in May, due to the upcoming local elections in November. What cannot be ignored is that both key players and consumers are inclined to remain conservative during election seasons.
It is not easy for one single player to achieve a dominant position in home and garden in Taiwan, due to the presence of many branded and unbranded products. Dairy Farm International, representing IKEA in Taiwan, continues to grow owing to its European style, unique one-stop-shopping experience, penetration of internet retailing and good product quality.
Within home and garden in Taiwan, home and garden specialist retailers continued to lead distribution in 2018. The large number of independent retailers across the island has led Taiwanese consumers to be more inclined towards store-based retailing compared with neighbouring countries, which can be attributed to the more direct experiences and suggestions provided by professional consultants in physical outlets, and highly competitive pricing strategies.
Home and garden is forecast to remain stable in current value terms over the forecast period 2018-2023, as there are no clear signs of quick economic recovery in Taiwan. Key influencing factors will be uncertainty in the local economic and political environment, the gloomy prognosis for most players in home furnishings and home improvement, together with a slow increase in the overall number of local households.
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This industry report originates from Passport, our DIY and Gardening market research database.