Taiwan Retail Sector Market Size (2024 - 2029)

Taiwan Retail Market Analysis

The Taiwan retail sector is projected to register a CAGR of less than 4% during the forecast period, 2021-2026. Retail sales in Taiwan jumped 3.56 % year-on-year in January 2021, following a 1.69% increase in the previous month. It was the fastest growth in retail sales since August 2020, mainly attributed to motor vehicles, motorcycles and parts, construction materials, e-commerce, and household appliances.

Taiwan's success in containing the COVID-19 pandemic has helped it prevent the large-scale closure of retail businesses. However, changing consumer behavior may push retailers to adapt models to the new normal.

Demographics are playing a major role in determining shopping preferences, with many older Taiwanese consumers buying their meat, fish, fruits, and vegetables at specialist markets. In response, some supermarkets are trying to attract this consumer group by recreating the look of a more traditional market within their stores; they have achieved some success, particularly in urban areas. Taiwanese consumers shop for food at least twice a week and sometimes daily. However, those who favor shopping at supermarkets and hypermarkets tend to do one big grocery shopping per week. Top-up food shopping occurs on a daily basis in Taiwan, and it is carried out mostly in convenience stores.

The new normal in the retail sector will accelerate the development of online shopping platforms, which only contributed 2% of sales in the department store and supermarket segments previously and may push them to adopt technology to create a safer physical shopping environment.

Taiwan Retail Industry Segmentation

Retail is the process of selling consumer goods or services to customers through multiple channels of distribution to earn a profit. A complete background analysis of the Taiwan retail sector, which includes an assessment of the emerging trends by segments, significant changes in market dynamics, and market overview, is covered in the report. The Market Is Segmented By Product Category (Food, Beverage, and Tobacco Products, Personal Care and Household, Apparel, Footwear, and Accessories, Furniture, Toys, and Hobby, Industrial and Automotive, Electronics and Household Appliances, and Other Products) and By Distribution Channel (Hypermarkets, Supermarkets, and Convenience Stores, Specialty Stores, Department Stores, E-Commerce, and Other Distribution Channels).