Retail in Asia

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Why is the popularity of Black Friday declining in the Taiwanese market?

Costco Taiwan’s Black Friday promotions kicked off on 25th November and ended on 1st December, but reports from the past week show that this year’s event was not as popular as previous ones.

SEE ALSO : Costco celebrates Black Friday in Taiwan

This is the first year that Costco’s Black Friday sales have lasted for an entire week. However, the initial success of the event, which saw customers queueing outside stores before dawn, has evaporated, reported CNA.

The deputy director-general of the Commerce Development Research Institute, Li Shyh-jane, analyzed the possible reasons for the drop in sales during the American retailer’s shopping spree event. He stated that the rise of e-commerce platforms, the myriad sales that suppliers have already had throughout the year, and cultural differences all play a role in the decline of Black Friday in Taiwan, according to CNA.

The convenience and discounts offered by online stores make them preferable to brick-and-mortar retailers in the eyes of many customers, Li explained. As for cultural differences, he noted that Westerners tend to buy Christmas presents during Black Friday sales, while Taiwanese wait until closer to the Lunar New Year to purchase gifts.

SEE ALSO : Black Friday is here

Costco Taiwan’s deputy general manager of marketing, Wang Yu-mei, expressed that both discounts and the number of products this year have increased from 2018. He added that the company still plans to go ahead with its fourth Black Friday in 2020.

(Source: Taiwan News)