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Filipinos wiser spenders after Yolanda –survey

Rappler.com
Nielsen's consumer confidence survey shows Filipinos became less optimistic about their finances – but more conscious in spending – in the 4Q of 2013

PH CONSUMER CONFIDENCE. Consumer confidence went down 4 points in Q4 2013, but is still ranked 2nd in Southeast Asia

MANILA, Philippines – Due to the devastation caused by Super Typhoon Yolanda (Haiyan) in several regions in the country, Filipinos became less optimistic about their finances – but then more conscious in spending – in the last 3 months of 2013 compared to the quarter before that.

According to the latest Consumer Confidence Index released by Nielsen, Filipinos were cautiously optimistic about their finances in the fourth quarter of 2013. This, however, represented a slightly less optimism compared to the third quarter.

Nielsen is a global information and measurement company that conducts consumer surveys regularly.

According its report, 76% of Filipino respondents saw their finances as good or excellent in Q4 2013, down from 77% in the previous quarter.

This was “expected,” said Stuart Jamieson, managing director of Nielsen Philippines, considering the devastation brought about by Yolanda.

“As a consequence,” Jamieson explained, Filipinos “are examining their personal finances closely and are becoming more cautiously optimistic and dynamic in their choices around spending and saving.”

Nielsen’s survey was taken between November 11 and 29, in the aftermath of Typhoon Yolanda in the Philippines. It took data from over 30,000 online consumers in 60 countries throughout the Asia-Pacific, Europe, Latin America, the Middle East, Africa, and North America. The survey was based on the behavior of online respondents only. 

According to the Nielsen Global Survey of Consumer Confidence and Spending Intentions, the Philippines is the second most optimistic in Southeast Asia following Indonesia for the fourth quarter of 2013.

Whereas Indonesia has an index of 125, the Philippines has an index of 114, 4 points from its third quarter tally. Thailand, Vietnam, Malaysia, and Singapore were third through sixth.

The 6 countries all had optimistic consumer confidence indices, indicated by having an index above 100. They were also higher than the global ranking, which is set at 94 and classified “pessimistic” in their report.  Rappler.com