Necessary items were the top pick for people when asked what they planned to spend their Quintuple Stimulus Vouchers on, with 39.3 percent of respondents to a survey by Cathay Financial Holdings Co (國泰金控) released yesterday saying that groceries and other such items were on their list, while 26.4 percent had planned trips to department stores.
The survey showed that 11.3 percent of respondents planned to spend their vouchers on travel and 9.9 percent on dining out.
The survey showed that people are more likely to use the vouchers at shopping malls or restaurants than last year, Cathay Financial said in a report.
The Quintuple Stimulus Voucher program — which distributes NT$5,000 (US$179.14) of vouchers to eligible residents, with no upfront payment — began on Oct. 8 and runs though April next year.
The vouchers can be used at restaurants, street markets, department stores, hotels, cram schools, concerts, sports events, tourism-related businesses, Taiwanese online retailers and public schools for miscellaneous fees.
The Executive Yuan said that it expects the program to generate about NT$200 billion in economic activity, compared with an estimated NT$101 billion from last year’s Triple Stimulus Vouchers, which were NT$3,000 voucher packages and required an upfront payment of NT$1,000.
A survey conducted in July last year showed that 24.2 percent of respondents planned to spend their Triple Stimulus Vouchers at shopping malls and 6.3 percent planned to use them at restaurants, compared with 26.4 and 9.9 percent respectively with the Quintuple Stimulus Vouchers this year, Cathay Financial said.
Groceries was also the most popular option in last year’s survey, with 42.4 percent saying that they would use their Triple Stimulus Vouchers for necessary items, it said.
Yesterday’s survey showed that 57 percent said they would spend their Quintuple Stimulus Vouchers this year, 12.7 percent planned to use them next year and 30 percent had not decided, it said.
The survey showed that more people are willing to make big-ticket purchases compared with last year’s program.
The upbeat sentiment can be attributed to Taiwan’s relaxed COVID-19 regulations, it said.
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