SUMMARY
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MANILA, Philippines – Filipino consumers remain among the most optimistic about their finances in the world, but most of them prefer to save rather than spend, a survey showed.
In its first-quarter 2013 Consumer Confidence Survey, Nielsen said the Philippines’ consumer confidence index dipped one point to 118 from 117 in the 4th quarter of 2012, causing the country to slip a notch in the ranking of 58 countries.
Filipino consumers placed 3rd most optimistic in the world, compared to 2nd in the 4th quarter of 2012.
Indonesia was the most optimistic, with an index of 122, a 5-point increase; and India was 2nd, with 120, a one-point decline.
Nielsen polled 29,000 online consumers in 58 countries between February 18 and March 8, 2013. Consumer confidence rose in 60% of markets measured by Nielsen. This was faster than the 33% increase reported in the 4th quarter of 2012.
Saving, cutting expenses
“While sentiments all over the world improved, uncertainties over natural disasters, weak labor markets, increasing prices of petroleum products, and rising costs of goods and services, may have had minimal effect on the continuing positive outlook of the Filipino consumers,” Nielsen Philippines Managing Director Stuart Jamieson said.
However, Jamieson noted “these factors left a lasting influence on the consumers, driving them to be more cautious and practical on how they will spend their hard-earned money.”
Some 83% of Filipino respondents said they made adjustments in spending to save on household expenses, an increase of 5 percentage points from the 4th quarter of 2012.
They said they cut down on expenses on clothes, out-of-home entertainment, and other items and activities.
As they reduced spending, Nielsen said 68% of respondents said saving spare cash was a priority, up 3 percentage points.
“Expect the respondents to be on budget saving mode because they said that they will continue with these budget saving methods even when economic conditions improve,” Nielsen noted. – Rappler.com
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