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'Happiness industry' fastest-growing in last five years: poll

2012/05/02 20:16:04

Taipei, May 2 (CNA) Companies that help improve quality of life by creating a sense of happiness in people were the fastest-growing businesses in Taiwan over the last five years, according to the results of a survey unveiled Wednesday by CommonWealth Magazine.

The "happiness industry," which the magazine categorized as comprising seven types of businesses such as retailers, food, cosmetics and beverage makers, as well as tourism operators, recorded the largest combined revenue growth of 46 percent, or NT$719.7 billion (US$24.63 billion), over the five-year period, the survey results show.

Sales of Eastern Multimedia Group-controlled TV shopping channel U-Life increased by 92.4 percent last year alone, giving it the top ranking among all companies in the category.

The survey targeted firms that recorded increases in production value of up to NT$700 billion and revenue growth of up to 30 percent in the last five years.

The "happiness industry" was followed by the green industry, which recorded a 43 percent rise, or NT$735.6 billion, in sales growth over the past five years. The survey included the photovoltaic industry, bicycle manufacturers and recycling companies in the green industry category.

Companies focusing on the health market, such as biotechnological, insurance and pharmaceutical firms had the highest total revenue growth among all the sectors surveyed, reaching NT$1.223 trillion, with an average sales growth of 35 percent in the five-year period.

The revenue increases in the IC design and communication sector also broke the NT$1 trillion mark -- reaching NT$1.205 trillion -- at an average growth rate of 30 percent during the five-year period.

G-TECH Optoelectronics Corp., with an increase of 164.6 percent, and TPK Holding Co., Ltd., which grew by 140.6 percent, were the top two fastest-growing firms in the communication industry last year.

(By Wu Chia-ying and Maia Huang)