More than 80 percent of the shoppers in Taiwan are aware of a surge in food prices, and over half of them choose to deal with it by only buying essentials and cutting down on luxury purchases.
About 90 percent of respondents said they like to shop in stores with a comfortable and well-organized environment. 48 percent of respondents said they are willing to pay premium for a more efficient shopping experience. These aspects all point to the idea that although consumers are more cautious on prices, they also value the atmosphere and convenience of the store.
What’s the difference on channel selection for the consumers in Taiwan? According to the survey, the penetration rates of supermarkets and Convenience Stores remain stable compared with last year. It is also worth noting that the shoppers who visit hypermarkets in the past 4 weeks even presents a drop of 8 percent, which indicates they lost over 1.3 million consumers this year. As for choosing between hypermarkets and supermarkets, 45% of shoppers visit only one store this year, due to the high similarities between hypermarket and supermarket. Furthermore, about 69 percent of the consumers surveyed consider the products that different retailers provide to be similar.
As a result, creating differentiators between channels and stores is crucial for retailers in the near future.