Retail sales last month rose 1.9 percent year-on-year to NT$418.6 billion (US$13.31 billion), a record high for the month of October, driven by department store anniversary sales and some retail stores’ rapid business scale expansion, the Ministry of Economic Affairs said yesterday.
Increased travel and shopping opportunities during the Mid-Autumn Festival, Double Ten National Day and Retrocession Day holidays also helped lift last month’s retail sales, the ministry said in a report.
Last month’s sales increase followed a 2.2 percent annual decrease in the previous month, and met the ministry’s forecast, which projected that retail sales would grow 1 to 4 percent from a year earlier.
Photo: CNA
Excluding sales of motor vehicles and parts, which fell for the eighth consecutive month last month as prospective buyers of imported cars remained conservative, retail sales rose 3.2 percent from a year earlier, the ministry said.
Spending increases were seen in sales at department stores at 4 percent, convenience stores at 4.7 percent, and e-commerce shopping and mail-order purchases at 3.7 percent, it said.
Sales also went up at electronic stores and home appliance outlets at 5.6 percent, it said.
However, sales tumbled at car and motorcycle dealers as well as jewelry stores, and furniture and home furnishing retailers from 5.1 percent to 6.3 percent due to economic uncertainty, the ministry said.
In the first 10 months of this year, retail sales decreased 0.5 percent year-on-year to NT$3.96 trillion, it said.
Meanwhile, sales of food services last month rose 9.2 percent annually to NT$89.5 billion, also a record high for the month of October, surpassing the ministry’s forecast of a 3 to 6 percent increase, the ministry said.
Last month, restaurants reported sales grew 8.2 percent due to higher demand for dining out and gatherings during holidays, and beverage stores saw sales rise 14.7 percent, as high temperatures drove consumption of cold drinks, while catering service providers gained 10 percent thanks to robust demand for in-flight meals amid a travel boom, it said.
Food services sales in the first 10 months increased 3.3 percent year-on-year to NT$883.6 billion, the highest for the same period, the ministry said.
The ministry said it expected sales momentum in the retail and food services sectors to remain steady this month, citing the Double 11 Singles’ Day online shopping festival, higher demand for warm food and beverages as temperatures drop, and the government’s universal cash handouts of NT$10,000.
Retail sales this month are projected to range from an annual decline of 1.3 percent to an annual increase of 1.7 percent, reaching NT$433.7 billion to NT$446.9 billion, while food services sales are expected to show an annual increase of 1.8 to 4.8 percent to a range between NT$87.5 billion and NT$90.1 billion, it said.
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