Retail value sales of luxury goods in Taiwan grew by 9% in 2023 in current terms to amount to TWD502.9 billion.
Sales growth within luxury goods was positive during 2023, despite headwinds caused by the cost-of-living crisis, inflation, and the war in Ukraine. However, the industry is now recovering well.
Luxury goods remains highly competitive. With many consumers thinking twice before buying, luxury players are focusing more on creating innovative products that offer consumers value, ensuring the affordability of their product and service portfolios.
Digitalisation is reshaping the luxury retail landscape, transforming the way in which consumers engage with luxury brands and retailers, and also influencing how they shop. This means that physical retailers are having to become more competitive and change their outlets to attract consumers, who are increasingly turning to the web when buying luxury items.
Luxury goods looks likely to have a rosy future, with a desire to spend on services and goods post-pandemic expected to result in consumers increasingly purchasing high-end products during the forecast period. Retail sales of luxury goods in Taiwan look likely to increase at a CAGR of 5% in current value terms (4% constant 2023 value CAGR) over the forecast period to total TWD644.
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Understand the latest market trends and future growth opportunities for the Luxury Goods industry in Taiwan with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
Data and analysis in this report provides further detailed coverage dedicated to the following key categories, where applicable:
If you're in the Luxury Goods industry in Taiwan, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
Luxury Goods
This is an aggregation of: Personal Luxury, Fine Wines/Champagne and Spirits, Luxury Cars and Experiential Luxury.
See All of Our DefinitionsThis report originates from Passport, our Luxury Goods research and analysis database.
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