Retail sales last month climbed 5.3 percent from a year earlier to NT$445.1 billion (US$13.57 billion), rising on an annual basis for the third consecutive month and hitting a record high, the Ministry of Economic Affairs said yesterday.
Last month’s increase reached the upper end of the ministry’s estimated growth of between 3.1 percent and 6.1 percent to NT$435.8 billion and NT$448.5 billion.
That came as consumption rose at department stores, hypermarkets, supermarkets, convenience stores and apparel shops, buoyed by the nine-day Lunar New Year holiday and increased demand for winter clothes as temperaturs dropped, the ministry said.
Photo: George Tsorng, Taipei Times
However, sales at vehicle and motorcycle vendors as well as e-commerce sites were weak, as the holiday reduced the number of working days, it said in a report.
Meanwhile, sales in the food and beverage sector rose 15.8 percent year-on-year to NT$103.9 billion last month, also a record high, beating the ministry’s forecast of an increase of between 11.6 percent and 14.6 percent to NT$100.2 billion and NT$102.9 billion.
The better-than-expected showing came as restaurants and beverage stores posted strong sales growth, buoyed by robust consumer spending during the holiday, the ministry said.
Notably, catering services still eked out slight gains due to steady demand for in-flight and group meals, despite a high comparison base a year earlier, it said.
For this month, the ministry expects the retail, and the food and beverage sectors to benefit from promotional offers related to the Lantern Festival, Valentine’s Day, the start of the new academic year and international sports events.
However, a high comparison base last year due to the timing of the Lunar New Year holiday — which fell in January this year, versus February last year — would cap the sectors’ sales growth this month, it said.
The ministry forecast retail sales of between NT$364.5 billion and NT$375.6 billion this month, representing a decline of 1.4 percent to an increase of 1.6 percent, while food and beverage sales are projected to fall 2.5 percent to 5.5 percent to between NT$86.2 billion and NT$88.9 billion.
Overall, combined sales in the first two months are projected to increase by 2.2 percent to 3.6 percent for the retail sector, and rise by 5.1 percent to 6.6 percent for the food and beverage sector, it added.
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