Having declined slightly during 2021, retail constant value sales of luxury goods rebounded strongly in 2022. The worst of the pandemic appears to have passed, and the government has encouraged people to spend money by giving out various vouchers.
The increasing exposure of luxury jewellery in the media has been having a positive impact on demand in recent years. For example, “Bling Empire”, a reality television drama series that is available to stream via Netflix, is popular in Taiwan.
International brands continue to dominate luxury goods in Taiwan. Premium and luxury cars in Taiwan is dominated by three brands – Mercedes-Benz, BMW and Lexus (Toyota Motor Corp).
Although e-commerce grew in popularity in personal luxury during the review period, particularly among younger ‘digital native’ consumers, most local consumers will continue to prefer to shop for these products in-person due to a strongly held preference for seeing and touch a product prior to purchase, in addition to enjoying the personal attention they receive in retail outlets like department stores. Nonetheless, both manufacturers and retail chains are increasingly shift towards an omnichannel retail strategy.
The rate of growth in retail constant value sales of luxury goods in Taiwan will slow significantly during 2023 but will remain relatively robust during the forecast period as a whole. In general, the resumption of large-scale international travel will likely have a negative effect on demand for personal luxury (luxury travel goods will be a notable exception to this).
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This is an aggregation of: Personal Luxury, Fine Wines/Champagne and Spirits, Luxury Cars and Experiential Luxury.See All of Our Definitions
This report originates from Passport, our Luxury Goods research and analysis database.
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