Pinoy consumers 2nd most upbeat in world

MANILA, Philippines – Consumer confidence in the Philippines was the second strongest in the world in the third quarter, although spending among local households remained “restrained” due to economic uncertainty, a global survey showed.

The Philippines had a consumer confidence score of 188 points in the July to September period, ranking second in the survey of global information firm Nielsen.

India and Indonesia shared the top spot with a score of 119.

Nielsen attributed the upbeat sentiment in the Philippines to good job prospects in the country over the next 12 months.

“This paints a positive picture for the third quarter. Expansion plans in the energy, transportation, telecom industries and largely, the business process outsourcing are helping create this positive perception in the country,” said Stuart Jamieson, managing director of Nielsen Philippines.

The Nielsen survey on consumer confidence, major concerns and spending was conducted among over 29,000 Internet users in 58 countries.

Major concerns

Among the major concerns of those polled over the next 6 months, job security remained at the top of the list. It was followed by work-life balance, health, welfare, happiness of parents and education and/or welfare of children.

The economy was also among the top concerns.

Fifty-six percent of Filipinos thought the country was in recession in the third quarter, down from 59% in the last quarter. This was much lower, however, compared to the figure for Korean and Taiwanese respondents, 86% of whom were in the opinion that their countries were in recession.

Spending

Despite improved optimism among Filipino consumers in the third quarter, spending continued to be restrained, noted Nielsen.

When asked to compare if they changed their spending from last year to save on household expenses, 78% of the Filipino respondents said yes, while 22% said no.

The report showed that to save, Filipinos lessened their expenses on new clothes, gas and electricity; delayed their upgrades on technology like computers and mobile devices; switched to cheaper grocery brands; and cut down on take-away meals.

Should economic conditions improve, the respondents said that they would continue doing these.

The survey also showed that majority of Filipinos put spare cash into savings (67%), followed by gadgets (34%), new clothes (32%), debts (28%), and vacation (27%).

“The Philippines is among the top ten countries which prioritize savings when there is spare cash in the household,” said Jamieson. – Rappler.com