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October shows steady year-to-year growth in retail sales for Taiwan

Retail sales in October are the highest on record for the month in Taiwan, retail growth slows slightly after September's high mark

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Retail sales show steady year-to-year growth (Image: Pixabay)

Retail sales show steady year-to-year growth (Image: Pixabay)

TAIPEI (Taiwan News) – The Ministry of Economic Affairs has announced that retail sales in October are the highest on record for the month in Taiwan. The news comes upon improved economic forecasts for the country after the third quarter analysis for 2017.

Officials reported that Mid-Autumn Festival and the extended National Double Ten holiday encouraged consumers to spend more during the month.

The increase in retail sales also reflects a continued increase in year-to-year retail purchases for the third consecutive month over sales in 2016, reports the CNA.

However, retail growth has reportedly slowed slightly after its high mark of 4.3 percent growth in September.

Some of the most impressive gains in the retail sector were reflected in the sales of hypermarket chains and supermarket chains, which rose 12.9 percent and 9.7 percent respectively from numbers in 2016.

Department stores also posted successful sales in the month of October with a 6.5 percent increase over last year. Meanwhile at home shopping also surged significantly, with total online retail sales reporting a 5.2 percent increase over 2016 data.

An official from the Ministry of Economic Affairs said that a 2.5 percent growth in retail sales in expected for the fourth quarter of 2017, and that continued year-to-year growth is expected for 2018 as well.

Since 2010, the record high of year-on-year retail sales figures in Taiwan was in January 2011, with 22.9 percent growth. The record low since 2010 was in February of 2017 with - 8.37 percent. The current year-on-year 3.21 percent increase for October reflects a steady continuing improvement over early 2017 sales figures.