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Retail, food/beverage sales hit new high for February

03/24/2021

Taipei, March 24 (CNA) As private consumption was boosted by a buying spree over the Lunar New Year holiday, revenue posted by the local retail and food/beverage businesses hit a new high for February, according to the Ministry of Economic Affairs (MOEA).

Data compiled by the MOEA showed that retail sales for February totaled NT$314.2 billion (US$11.02 billion), up 12.8 percent from a year earlier, while sales generated by the local food and beverage industry rose 23.6 percent from a year earlier to NT$71.8 billion.

MOEA Department of Statistics deputy chief Huang Wei-chieh (黃偉傑) told reporters that consumers tended to spend more during the Feb. 10-16 Lunar New Year holiday and that the sales growth also reflected a relatively low comparison base over the same period of last year. In 2020, the Lunar New Year holiday fell in January.

Huang said a decision by department stores to introduce more international brands to Taiwanese consumers and a move by foreign restaurants to set up new outlets in Taiwan also paved the way toward higher consumption.

In February, sales posted by department stores soared 50.3 percent from a year earlier to NT$31.6 billion, while revenue generated by convenience stores and hypermarkets also rose 13.9 percent and 16.5 percent, respectively, to NT$29.4 billion and NT$19.9 billion, the MOEA data showed.

Supermarket chains under-performed the broader retail industry, however, registering a year-on-year sales growth of 0.5 percent at NT$18.0 billion, the data indicated.

Retail sales posted by clothing and fashion brands also rose 48.5 percent from a year earlier to US$30.2 billion, as many consumers shifted their attention to domestic consumption in the wake of few foreign trips amid the COVID-19 pandemic, the MOEA said.

In the food and beverage industry, restaurants registered NT$62.0 billion in sales in February, up 26.4 percent from a year earlier, on the back of the holiday spending, the data showed.

In addition, beverage vendors also saw their sales soaring 15.8 percent from a year earlier to NT$8.2 billion as the holiday sparked outdoor activities, triggering drinks purchases, the data indicated.

Meanwhile, revenue posted by the local wholesale sector rose 7.5 percent from a year earlier to NT$809.3 billion in February, also the highest level for the month, as machinery sales were boosted by rising demand for emerging technologies such as 5G applications and devices for remote working and online learning, the MOEA said.

In the first two months of this year, retail sales and revenue posted by the food/beverage industry rose 7.7 percent and 0.8 percent, respectively, to NT$682.9 billion and NT$141.9 billion, while sales generated by the wholesale business rose 15.6 percent to about NT$1.8 trillion, the data showed.

Looking ahead, Huang said Taiwan's retail sales are forecast to rise 7.9-8.9 percent from a year earlier in the first quarter, while the wholesale sector's revenue could rise 12.3-13.4 percent.

Sales posted by the food and beverage industry for the January-March period is estimated to grow 4.4-5.2 percent from a year earlier, Huang said.

 

(By Liang Pei-chi and Frances Huang)

 

Source:  https://focustaiwan.tw/business/202103240013

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