TAIPEI (Taiwan News) — The Ministry of Economic Affairs said on Thursday that Taiwan's retail revenue reached NT$4.853 trillion (US$ $154.5 billion) last year, per CNA.

The number set a new record, rising 2.6% compared with 2023. Huang Wei-chieh (黃偉傑), an official at the ministry’s statistics department, said department stores, supermarkets, convenience stores, and hypermarkets also hit record revenues, reaching NT$447.8 billion, NT$259.8 billion, NT$423.5 billion, and NT$248.4 billion, respectively.

The apparel, pharmaceuticals, and cosmetics sectors also saw record-high revenues last year. However, retail sales in the motor vehicle sector fell by 1.8% in December compared with the same period in 2023.

Online shopping sales reached NT$653.3 billion last year, a 2.7% increase from 2023. In the fourth quarter, sales hit NT$185.4 billion, driven primarily by tech products and home appliances.

The food service industry generated NT$1.0378 trillion in revenue last year. Restaurant sales accounted for NT$838.7 billion, while beverage shop sales reached NT$133.1 billion.

Huang estimates that retail sales in January could reach NT$448.5 billion. Meanwhile, the food service industry is expected to generate up to NT$102.9 billion in revenue.

Huang added that faster growth in outbound travel compared to inbound tourism could limit domestic consumption growth. As of November, outbound travel had recovered to 90% of pre-pandemic levels, while inbound arrivals were 60%.