October 01, 2011
Taipei, 01 Oct 2011 – Consumers from Taiwan continue to prioritize Dining & Entertainment as an important part of their lives, with an optimistic outlook towards the coming months. The results of the latest MasterCard Worldwide Index of Consumer Purchasing Priorities - Dining and Entertainment, reflect that 89% of respondents from Taiwan plan to eat out more than or the same amount moving forward compared to what as they are currently doing.
The latest survey was conducted from 15 March to 27 April 2011 and involved 10,374 consumers from 14 markets. Data collection was via internet surveys, personal, telephone and Computer Aided Telephone interviews, with the questionnaire translated to the local language wherever appropriate and necessary. The Index and its accompanying reports do not represent MasterCard financial performance.
Taiwanese consumers rank within the top 4 markets in Asia/Pacific for average spending on dining per month, at US$165 (almost NT $4785). This is behind respondents from Japan (US $213), Singapore (US $212) and Hong Kong (US $195).
Spend on dining out as a percentage of monthly household income is 5.1% for Taiwanese respondents, slightly above the Asia/Pacific average of 4.9%. The top three markets spending the largest proportion of monthly household income on dining out were Vietnam (9.2%), China (9.1%) and Thailand (6.8%).
Food courts came up as the most favored dining outlet amongst Taiwanese, receiving an average of six visits a month. Given the popularity of food courts, cash is the most preferred way of payment, however a strong 72% of Taiwanese respondents used a credit card when they visit fine dining restaurants.
Looking towards the coming months, Taiwanese consumers are relatively stable in their intention to dine out, with 70% expecting to eat out the same as in the past 6 months, and only 17% anticipating that they will be eating out more. India (27%), Hong Kong (26%) and Singapore (23%) ranked as the top three countries in Asia/Pacific anticipating to eat out more.
The MasterCard survey also revealed that shopping (50%) is the leisure activity of choice for people in Asia/Pacific. Dining out ranked second (46%), with surfing the internet chosen as the third most preferred activity (42%). In Taiwan however, the most popular leisure activity was dining out (64%), followed by surfing the internet (57%) and shopping (54%).
The survey also revealed that the ratio of spending on leisure activities to monthly income in Taiwan is 13%, in line with the Asia/Pacific average. The top three markets spending on leisure as a proportion of their monthly household income are Hong Kong (18%), China (18%) and Thailand (17%). Looking ahead, 70% of Taiwanese respondents anticipate they will spend the same amount of time on leisure. South Korea (33%), Hong Kong (26%), and Singapore (26%) were more optimistic regarding expectations for leisure activities, their ratios all being over or near 30%.
“The latest survey from MasterCard shows that Taiwanese respondents view dining and entertainment as an integral part of their daily lives, setting aside time and money to enjoy the finer things in life. However, with the state of the current global economic climate the way it is, it’s no surprise that consumers appear to be taking a conservative stance towards spending on entertainment when planning for the future, “said Julie Yang, head of Taiwan MasterCard Worldwide.
Other key findings from the survey include:
- Going to the cinemas is a popular activity amongst Taiwanese with two-thirds of respondents planning to watch a movie at a cinema in the near future. This is followed by visiting a theme park (43%) and going to video arcades (42%).
- Taiwanese appear to be conscious about their fitness, with gyms being the most frequented recreational places (6 times/month) followed by sports bars (4 times/month) and nightclubs (3 times/month).
For the full report go to: www.masterintelligence.com
The MasterCard Worldwide Index suite in Asia/Pacific, Middle East and Africa includes the long-running MasterCard Worldwide Index of Consumer Confidence, as well as the MasterCard Worldwide Index of Women’s Advancement, Online Shopping, Index of Financial Literacy, and the Index of Global Destination Cities. In addition to the Indices, MasterCard’s research properties also include a range of consumer surveys including Ethical Spending and a series on Consumer Purchasing Priorities (covering Travel, Dining & Entertainment, Education, Money Management, Luxury and General Shopping).
MasterCard also regularly releases Insights reports providing analysis of business dynamics, financial policies and regulatory activities in the Asia/Pacific, Middle East and Africa region. Over 80 Insights reports have been produced since 2004.
MasterCard has also released a series of four books on Asian consumer insights, authored by Dr. Yuwa Hedrick-Wong, Global Economic Advisor for MasterCard Worldwide and published by John Wiley & Sons.
MasterCard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Cashless Conversations Blog and subscribe for the latest news.