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Learn moreFeb 2019
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Domestic economic difficulties and falling sales amongst Chinese tourists significantly dampened luxury goods sales in Taiwan at the end of the review period. Moreover, some luxury goods categories, including luxury writing instruments and stationery and luxury timepieces, faced the challenge of adapting to becoming functionally redundant due to the increasingly central role of digital devices such as smartphones in consumers everyday lives.
The rate of value growth in the Taiwanese luxury goods market in 2017 was significantly lower than the CAGR for the review period as a whole in both current and constant terms. The deceleration in the market’s expansion resulted in part from more challenging economic conditions in Taiwan.
The relatively fragmented luxury goods market is led by manufacturers of luxury cars, which occupy the top four positions in the rankings thanks to the high unit prices commanded by their products. The key challenge faced by manufacturers across luxury goods is developing brand images and product ranges that appeal to younger consumers without undermining long-established identities founded on heritage and a classic aesthetic.
Non-grocery retailing specialists and mixed retailers, particularly department stores, dominate sales across several luxury goods categories. These channels are capable of providing a rich shopping experience that supports the development of high-end brand images and affirms the prestige positioning of luxury goods.
The forecast period is expected to see significantly slower value growth in luxury goods than that seen between 2013 and 2018, both in current and constant terms. While luxury goods are generally resilient in the face of economic difficulties, the potential to reach new consumers is being constrained by low wages and slow wage growth due largely to Taiwan-based exporters being forced to cut costs because of pricing competition from China-based rivals.
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Overview
Discover the latest market trends and uncover sources of future market growth for the Luxury Goods industry in Taiwan with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the Luxury Goods industry in Taiwan, our research will save you time and money while empowering you to make informed, profitable decisions.
The Luxury Goods in Taiwan market research report includes:
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Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.