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Filipino consumers 2nd most upbeat in world

Rappler.com

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The positive sentiment among Filipinos is due to good job prospects, according to a Nielsen survey

UPBEAT. Confidence among Filipino consumers hits the highest level since 4th quarter of 2010, according to a Nielsen survey

MANILA, Philippines – Consumer confidence in the Philippines was the second strongest in the world in the second quarter of 2013, a global survey showed.

The Philippines had a consumer confidence index of 121 in April-June, the highest since the 4th quarter of 2010 and 3 points up from the index in January-March, a survey by Nielsen showed.

Indonesians were the most upbeat consumers with an index of 124.

“The high confidence levels continue to sweep across Southeast Asian consumers compared to the rest of the world,” said Stuart Jamieson, managing director of the Philippine arm of the global information and measurement firm.

The poll was conducted among 29,000 online consumers in 58 countries, 3,000 of whom were from Southeast Asia.

Job prospects

Nielsen said the positive sentiment among Filipinos was due to good job prospects.

About 77% of Filipino consumers polled said job prospects over the next 12 months were good. The percentage was higher than Indonesia’s and India’s 75% and 72%, respectively.

Spending, investing

Spending intentions were also maturing, with 79% of Filipino respondents confident of their financial standing. About 51% displayed readiness to spend.

Around 31% of Filipinos said they used their spare cash to buy new gadgets.

Eighty percent said they spent mostly for household needs like utilities.

Still, 7 out of 10 Filipinos saved their spare cash, placing them among the world’s biggest savers, Nielsen said.

Aside from saving, the survey showed that Filipinos were also investing their spare cash in shares and mutual funds.

“Filipinos are feeling they are still protecting themselves against future fluctuations in the global economy and other external factors. The increase in disposable income gives them opportunities to consider augmenting their savings and investing in mutual funds,” Jamieson noted. – Shadz Loresco, Rappler.com

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