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Market Research in Taiwan

Market Overview of Taiwan

Taiwan is a prosperous economy with a population of 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, which accounts for 63% of Taiwan’s GDP. Tourism contributes significantly to the GDP, with Taiwan being famous for its night markets featuring local delicacies such as Stinky Tofu. Rising income and affluence are likely to have a positive impact on its economy. Taiwan is also home to the ‘King of Mandopop’ – Jay Chou.

Consumers

Taiwanese consumers are very sensitive to price, followed by quality. They are also highly tech-savvy due to high internet penetration rates and are often influenced by social media.

Additionally, they expect high-quality content and user experience online, and they enjoy shopping online.

Market Research in Taiwan

Although both Taiwan and Mainland China speak 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.

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Delivering insightful market research and analytics, Axanteus Research helps businesses worldwide make informed decisions with precision and efficiency.

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