Market Research in Taiwan
Market Overview of Taiwan
Taiwan is a prosperous economy with a population around 23 million, where it is a developed market and is highly accessible. Taiwan also offers a favourable investment environment with an export-dependent economy, while also emerging as a financial market.
Economy
Taiwan’s economy is largely supported by the services sector, where it accounts for 63% of Taiwan’s GDP. Tourism accounts for a big portion on GDP, where Taiwan is famous for its night markets with food such as Stinky Tofu. Rising income and affluence will likely have a positive impact on its economy. Taiwan is also home to the ‘King of Mandopop’ – Jay Chou.
Consumers
Taiwanese are very sensitive to price, followed by quality. They are also very tech-savvy with their high internet penetration rates, and are often influenced by social media. Furthermore, they expect high quality content and user experience online, and also like to shop online.
Market Research in Taiwan
Although both Taiwan and Mainland China speaks Mandarin, the use of certain expressions and idioms can be slightly different. Hence, wrong usage of such expressions may result in communication failure. We also cannot generalise consumer behaviour in Taiwan and China to be the same, as the cultures are different as well. Taiwan uses Traditional Chinese characters, and they also have a unique accent, hence a local Taiwanese moderator would be important when conducting research in Taiwan.
Case studies
- Dating Apps Study was conducted in India, Indonesia, Taiwan, Thailand and Germany for the IT industry using face-to-face in-depth interviews
- Infectious Disease Study was conducted in Taiwan and Thailand for a global pharmaceutical company using telephone in-depth interviews
- Streaming Study was conducted in Japan, South Korea and Taiwan for subscribers and non-subscribers of a streaming platform using online IDIs.