The retail, wholesale and restaurant sectors last month posted their best September sales figures after business activity returned to normal amid falling COVID-19 cases, indicating that domestic consumption has recovered to pre-pandemic levels, the Ministry of Economic Affairs (MOEA) said yesterday.
Retail sales expanded at an annual pace of 7.5 percent to NT$352.4 billion (US$10.9 billion) last month, with sales of apparel and luxury goods rising 21.5 percent year-on-year after retailers launched anniversary promotions, the ministry said.
Department store sales rose 24.9 percent year-on-year to NT$31.2 billion, aided by restaurant sales and a low comparison base, ministry data showed.
Photo: Vanessa Cho, Taipei Times
Retail sales this month are expected to increase 0.1 to 3.1 percent annually to between NT$373.4 billion and NT$384.6 billion, given a higher comparison base, on the back of anniversary promotions, Double Ten National Day holiday sales and eased border controls, the ministry said.
The government last year issued Quintuple Stimulus Vouchers to encourage domestic consumption, which had been affected by the COVID-19 pandemic.
For this year, the ministry said there is a good chance that retail sales could surpass last year’s NT$4 trillion to post a new record.
Sales in the restaurant and beverage industry are expected to grow 7.4 to 10.4 percent this month to between NT$72.6 billion and NT$74.6 billion, extending the growth momentum from last month, the ministry said.
Restaurant sales last month jumped 27.5 percent to NT$73.4 billion from a year earlier, thanks to the Mid-Autumn Festival driving demand, it said.
However, the ministry expects the growth momentum in the wholesale sector to weaken this month, as persistent inventory corrections could weigh on sales of vehicles, new electronic devices and emerging technologies.
Sales in the wholesale sector are expected to fall 1.1 percent to about NT$1.008 trillion, or grow 1.9 percent to NT$1.04 trillion this month, the ministry said.
Sales in the sector last month increased 2.4 percent to NT$1.11 trillion on an annual basis, marking the 23rd consecutive month of expansion.
Machinery tools and automotive wholesales showed the strongest growth momentum, rising 7.9 percent and 8.9 percent annually.
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