Taipei, Taiwan's retail sector performed better than expected in November due to stable growth in domestic demand, stimulated by the Double 11 "shopping festival," the Ministry of Economic Affairs (MOEA) said Monday.
Nov. 11 is observed as Singles Day, or Double 11 day, an annual online shopping bonanza that originated in China but has since spread worldwide, including Taiwan.
Data compiled by the MOEA shows that retail sales grew 0.4 percent from a year earlier to NT$373.4 billion (US$12.09 billion).
Wang Shu-chuan (???), deputy head of the MOEA's statistics department, said the ministry had previously forecast that the retail sector would perform poorly due to a tumble in the local equity market that undermined consumer sentiment in November.
The rise in the local retail sector last month was generated in part by Double 11 day, which helped spur consumer spending, Wang said.
But at the same time, she noted, storefront retailers in some sectors were negatively affected by the online shopping promotion that month, notably the local department store chains, which posted a 7 percent drop in sales growth from a year earlier.
Meanwhile, the local food and beverage industry saw its revenue grow 3.9 percent from a year earlier to NT$36.7 billion.
According to Wang, the retail sector in Taiwan is forecast to perform well in December, with projected annual growth of 1 percent, respectively.
Source: Focus Taiwan News Channel
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