A downtrend in global crude oil prices helped drive up Taiwanese consumers’ overall purchasing power as most used the money saved from lower gasoline costs to buy other items, according to a survey published by Cathay Financial Holding Co (國泰金控) on Friday last week.
The survey showed that more than 50 percent of respondents allocated 25 to 50 percent of the amount they had planned to pay for gasoline to other goods.
Another 36.6 percent did not change their spending at all.
On average, consumers spent 31.7 percent of the money saved from lower gasoline costs on buying goods, the survey’s data showed.
The survey was conducted in a seven-day period starting on Feb. 1.
Improving consumer sentiment and rebounding exports last month indicated the nation’s overall economic sentiment remained stable, survey data showed.
“Global economic uncertainties, such as the national debt issue in Greece and the Ukraine crisis only slightly affected the public’s confidence. In general, consumer sentiment outlook remains at a high level,” Cathay Financial said in a statement.
The survey showed that 41.1 percent of respondents remained optimistic that consumer sentiment would improve over the next six months, while 18.5 percent kept a pessimistic outlook.
The survey showed that 32.8 percent did not expect any change to the economy over the next six months, and 7.6 percent had no opinion.
As the newly unveiled capital gains tax on property investments carries a lower-than-expected penalty, many expect there will be a growing number of home sellers that might adopt a wait-and-see approach on striking deals with buyers before the new tax scheme becomes active, Cathay said.
The new tax rules might prove to be a minor incentive for home buyers to close deals, as most people would be exempt from the new property taxes, Cathay said in the statement.
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