Retail sales in Taiwan smashed records in January, rising more than 6 percent from a year earlier, on the back of robust shopping in the recent Lunar New Year season, the Ministry of Economic Affairs (MOEA) said Wednesday.

MOEA data showed that retail sales for January totaled NT$392.2 billion (US$14.11 billion), an increase of 6.4 percent from a year earlier and 6.5 percent from the previous month.

Huang Wei-chieh (???), deputy director of the MOEA’s Department of Statistics, told reporters that stronger buying interest was seen in a wide range of items such as luxury goods, winter clothes, and New Year gifts, as well as fresh fruits and vegetables.

Sales made by different retail businesses

As a result, department store sales grew 6.6 percent year-on-year to NT$33.2 billion in January, supermarkets’ revenue rose 17.1 percent to NT$22.7 billion, and hypermarkets recorded a 12.5 percent sales growth to NT$26.7 billion, the MOEA data showed.

Sales generated in January by online retailers, e-commerce operators and postal sales sites rose 15.7 percent, 10.1 percent and 9.1 percent, respectively, from a year earlier, according to the data.

Month-on-month, hypermarkets’ sales soared 30 percent in January, as consumers rushed to buy New Year gifts for friends and relatives, but revenue generated by department stores fell 11 percent, due mainly to a relatively high comparison base over the previous month, according to Huang.

In the food and beverage industry, January sales were boosted by high demand for onsite dining at restaurants during the Lunar New Year season and as worry over the domestic COVID-19 situation eased, he said.

In January, food and beverage vendors saw an 8.7 percent sales increase from a year earlier to NT$76.2 billion, which was the fourth consecutive month of year-on-year growth, according to the MOEA.

Revenue generated by the wholesale sector totaled NT$1.11 trillion in January, up 11.9 percent from a year earlier, on strong global demand for emerging technologies and a spike in raw material prices, the MOEA said.

Outlook

Looking ahead, Huang said retail sales in February are likely to grow 1-4 percent from a year earlier, as the domestic COVID-19 situation continues to stabilize and new shopping malls open.

In addition, revenue in the food and beverage industry is expected to grow 4-7 percent in February from a year earlier, as the number of restaurant brands in the country increase, while sales in the wholesale sector are projected to rise 13-16 percent on continued solid global demand, Huang said.

Source: Focus Taiwan News Channel