In Markets

How did Taiwan’s retail industry do in September?

Taiwan

Taiwan’s Ministry of Economic Affairs announced that September’s retail sales revenue was US$11.2 billion, a y-o-y increase of 2.9%. Taiwan’s National Day and the triple stimulus vouchers have driven domestic demand to rebound.

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The Ministry of Economic Affairs pointed out that in the third quarter of this year, retail online sales was US$2.8 billion, an annual increase of 20.3%. The growth rate was significantly better than that of the entire retail industry, accounting for 8.4% of the overall retail sales.

Huang Weijie, Deputy Director of the Statistics Department of the Ministry of Economic Affairs, said that in order to cater to the changing consumption habits of the people, the industry needs to actively optimize online sales services and promote consumption through strategic marketing plans, which drives the continuous growth of online sales.

The Ministry of Economic Affairs pointed out that the growth rate of the catering industry’s turnover has turned from negative to positive in August, and continued to grow in September. The turnover was US$2.2 billion, an annual increase of 0.3%.

Looking forward to the future, Huang Weijie said that due to border control, local consumption is still the focus, and with annual department store sales coming up, retail revenue will continue to grow.

He noted that the cumulative growth rate for retail sales in the first three quarters of this year was negative 0.6%. As long as the growth rate in the fourth quarter is 1.8%, the annual growth rate of retail sales will turn positive.

As for the catering industry, he said that benefiting from the Mid-Autumn Festival and National Day holiday, as well as the annual department store celebrations, it is expected that the turnover of the catering industry will get better.

However, he also said that in the first and second quarters of this year, the catering industry had a negative growth of 6.5% and 12.4%, respectively. The decline was profound. It was not until the third quarter that it turned to a positive growth of 0.9%.

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The cumulative average growth rate of the catering industry’s turnover in the first three quarters of this year is negative 5.9%, and the growth rate in the fourth quarter must reach 18% to make up for the negative growth of the first two quarters.

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