MOEA: March Retail and Dining Sales Hit Record Highs; Domestic Demand Momentum Continues
Taiwan's Ministry of Economic Affairs reported record-high retail and dining sales for March, driven by strong e-commerce, wealth effects from the stock market, and rising real wages, indicating robust domestic consumer demand.
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- 📰 Published: April 23, 2026 at 19:21
- 🔍 Collected: April 23, 2026 at 19:32 (10 min after Published)
- 🤖 AI Analyzed: April 23, 2026 at 20:58 (1h 26m after Collected)
Central News
(CNA, Reporter Tseng Yun-ting, Taipei, 23rd) The Ministry of Economic Affairs (MOEA) announced today that retail and dining sector revenues in March both hit record highs for the same month. Chen Yu-fang, Deputy Director of the Department of Statistics at MOEA, stated that supported by a rebound in real wages, wealth effects from the stock market, and corporate profitability, the momentum in domestic consumption continued the positive trend from the fourth quarter of last year. This drove steady growth in overall performance in the first quarter of this year, which will help push the full-year retail performance into positive territory.
The MOEA's Department of Statistics released the March wholesale, retail, and dining sector revenue statistics today. March retail revenue was 405.6 billion NTD, a year-on-year increase of 3.2%; cumulative Q1 revenue reached 1.2193 trillion NTD, up 2.1% year-on-year, both setting record highs for the same periods. Chen Yu-fang noted that excluding the automotive sector, the Q1 retail growth rate would be 5.0%, showing that general consumer momentum remains resilient.
Regarding the reasons for the better-than-expected retail performance in March, Chen Yu-fang analyzed that it primarily benefited from continuous growth in e-commerce, as well as rising demand for ICT and home appliance equipment. In particular, the launch of new international brand smartphones triggered a replacement cycle, becoming the main driver boosting retail sales.
Looking ahead at the domestic market, Chen Yu-fang pointed out that retail sales saw negative growth in the second and third quarters of last year but turned positive in the fourth quarter, mainly due to a strong wait-and-see atmosphere in the auto market. Although the wait-and-see attitude persists in Q1 this year, as the comparison base lowers from April onwards, coupled with the government's continuation of commodity tax reductions and old-for-new replacement subsidies, it is expected that demand for cars and motorcycles will gradually be released, helping full-year retail performance turn positive.
Chen Yu-fang also pointed out that real wages turned to positive growth in the first two months of this year. Coupled with the wealth effect driven by the rising stock market and strong corporate earnings from last year, these factors help increase people's disposable income and support purchasing power.
However, Chen Yu-fang also mentioned that uncertainties remain this year, including the possibility that geopolitical tensions in the Middle East could push up international oil prices, thereby affecting price trends. She stated that the government has implemented price stabilization measures. The March Consumer Price Index (CPI) was 2.1%, and although it is estimated to be slightly higher in April, there is still a chance to control it within 2%. If prices remain stable, it will help maintain people's real purchasing power; whether this will affect consumer confidence remains to be seen.
In the dining sector, March revenue was 87.6 billion NTD, up 2.3% year-on-year, a record high for the same month. Cumulative Q1 revenue was 284.7 billion NTD, up 3.8% year-on-year, setting a new record for a single quarter.
Regarding the impact of prices on consumption, Chen Yu-fang pointed out that the 3.2% year-on-year increase in March retail revenue was higher than the 0.16% commodity price index. The 2.3% increase in dining revenue was lower than the 2.92% food away from home price index, mainly reflecting differences in promotional periods and timing by businesses.
Additionally, Q1 retail revenue grew 2.1% year-on-year, higher than the 0.19% commodity price index; dining revenue grew 3.8%, higher than the 2.94% food away from home index. Chen Yu-fang stated that this shows an actual increase in consumption volume, indicating a gradual recovery in domestic demand momentum.
In the wholesale sector, March revenue was 1.6102 trillion NTD, up 35.7% year-on-year, both hitting record highs for a single month. Cumulative Q1 wholesale revenue was 4.1806 trillion NTD, up 25.6% year-on-year, also setting a new record for a single quarter.
Looking ahead to April, the Department of Statistics estimates wholesale revenue will range from 1.5104 trillion to 1.5474 trillion NTD (up 22.5% to 25.5%); retail revenue from 396.2 billion to 407.7 billion NTD (up 2.9% to 5.9%); and dining revenue from 83.2 billion to 85.7 billion NTD (up 2.0% to 5.0%). (Edited by: Lin Hsing-meng) 1150423
(CNA, Reporter Tseng Yun-ting, Taipei, 23rd) The Ministry of Economic Affairs (MOEA) announced today that retail and dining sector revenues in March both hit record highs for the same month. Chen Yu-fang, Deputy Director of the Department of Statistics at MOEA, stated that supported by a rebound in real wages, wealth effects from the stock market, and corporate profitability, the momentum in domestic consumption continued the positive trend from the fourth quarter of last year. This drove steady growth in overall performance in the first quarter of this year, which will help push the full-year retail performance into positive territory.
The MOEA's Department of Statistics released the March wholesale, retail, and dining sector revenue statistics today. March retail revenue was 405.6 billion NTD, a year-on-year increase of 3.2%; cumulative Q1 revenue reached 1.2193 trillion NTD, up 2.1% year-on-year, both setting record highs for the same periods. Chen Yu-fang noted that excluding the automotive sector, the Q1 retail growth rate would be 5.0%, showing that general consumer momentum remains resilient.
Regarding the reasons for the better-than-expected retail performance in March, Chen Yu-fang analyzed that it primarily benefited from continuous growth in e-commerce, as well as rising demand for ICT and home appliance equipment. In particular, the launch of new international brand smartphones triggered a replacement cycle, becoming the main driver boosting retail sales.
Looking ahead at the domestic market, Chen Yu-fang pointed out that retail sales saw negative growth in the second and third quarters of last year but turned positive in the fourth quarter, mainly due to a strong wait-and-see atmosphere in the auto market. Although the wait-and-see attitude persists in Q1 this year, as the comparison base lowers from April onwards, coupled with the government's continuation of commodity tax reductions and old-for-new replacement subsidies, it is expected that demand for cars and motorcycles will gradually be released, helping full-year retail performance turn positive.
Chen Yu-fang also pointed out that real wages turned to positive growth in the first two months of this year. Coupled with the wealth effect driven by the rising stock market and strong corporate earnings from last year, these factors help increase people's disposable income and support purchasing power.
However, Chen Yu-fang also mentioned that uncertainties remain this year, including the possibility that geopolitical tensions in the Middle East could push up international oil prices, thereby affecting price trends. She stated that the government has implemented price stabilization measures. The March Consumer Price Index (CPI) was 2.1%, and although it is estimated to be slightly higher in April, there is still a chance to control it within 2%. If prices remain stable, it will help maintain people's real purchasing power; whether this will affect consumer confidence remains to be seen.
In the dining sector, March revenue was 87.6 billion NTD, up 2.3% year-on-year, a record high for the same month. Cumulative Q1 revenue was 284.7 billion NTD, up 3.8% year-on-year, setting a new record for a single quarter.
Regarding the impact of prices on consumption, Chen Yu-fang pointed out that the 3.2% year-on-year increase in March retail revenue was higher than the 0.16% commodity price index. The 2.3% increase in dining revenue was lower than the 2.92% food away from home price index, mainly reflecting differences in promotional periods and timing by businesses.
Additionally, Q1 retail revenue grew 2.1% year-on-year, higher than the 0.19% commodity price index; dining revenue grew 3.8%, higher than the 2.94% food away from home index. Chen Yu-fang stated that this shows an actual increase in consumption volume, indicating a gradual recovery in domestic demand momentum.
In the wholesale sector, March revenue was 1.6102 trillion NTD, up 35.7% year-on-year, both hitting record highs for a single month. Cumulative Q1 wholesale revenue was 4.1806 trillion NTD, up 25.6% year-on-year, also setting a new record for a single quarter.
Looking ahead to April, the Department of Statistics estimates wholesale revenue will range from 1.5104 trillion to 1.5474 trillion NTD (up 22.5% to 25.5%); retail revenue from 396.2 billion to 407.7 billion NTD (up 2.9% to 5.9%); and dining revenue from 83.2 billion to 85.7 billion NTD (up 2.0% to 5.0%). (Edited by: Lin Hsing-meng) 1150423