Market Size of Taiwan Retail Sector
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | < 4.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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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.
