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Market Research in Taiwan

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Country File: Taiwan

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The Economy


GDP: $423 billion
GDP per capita: $18,300
GDP by sector: Industry (29.2%);
Services (69.2%)
GDP Growth: 10.5% (2010)
Taiwan is the 19th largest economy in the world. GDP growth in recent decades has averaged at 8%. Taiwan has adopted an export led strategy for developing its economy, which it has pursued consistently since the second world war. As a developed economy, it now faces many of the same economic pressures encountered by Western economies, competing with lower wage economies in China, Vietnam and other parts of Asia. At the same time, Taiwan is increasing its trading activities with other Asian markets, and becoming relatively less reliant on trade with the US.

It is the world's largest contract manufacturer of computer chips and a significant supplier of computer memory, LCDs, networking equipment and consumer electronics. The economy has become more focused on services but the IT and technology sectors remain key to Taiwan's export led economic strategy.

Its main export trading partners in Asia are China, and Hong Kong, Japan and Singapore. Major Imports are from Japan, China, South Korea and Saudi Arabia. Total exports in 2011 were $308 billion and had imports of $282 billion.
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Demographics

Urban Population: 17.8 million (81%)

Population
(Million)

0-14

15-64

65+

Total: 22.3

21.2%

70.2%

8.6%

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Languages & Ethnic Groups


Official Language: Mandarin (official); Taiwanese Minnan; Hakka dialects

The official language is Mandarin and the majority of people born after the 1950s speak Mandarin. The majority speak a dialect form of Min Nan.
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Business & Consumer Culture


The business culture of Taiwan is similar to the People's Republic of China. In common with Asian countries, business relationships are characterised by respect, face to face meetings and long working hours. Being direct is not appreciated in business meetings.

Taiwanese consumer culture is more developed than in mainland China. Taiwan has one of the largest population densities in the world, and due to its rapid economic development since the 1960s, has a more widespread consumer culture.
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Market Research in Taiwan



Currency: New Taiwan Dollar (NT$)
Smartphone ownership: 50%
Internet Users: 16 m (2010) (71%)
Homeownership: 70%

Online market research is possible in Taiwan. Asia Opinions currently can access 6,000 online panellists directly, but we can also work with other panels to extend reach. Surveys need to be conducted in local language.