Filipinos prefer to save than shop – survey

MANILA, Philippines – Most Filipino consumers prefer to save than to spend money despite being the second most optimistic about their finances in the world, according to a global survey.

In the 3rd quarter consumer confidence survey of Nielsen, Filipino consumers were found the 2nd  most optimistic in the world, next only to Indonesia, which reported the highest consumer confidence for the 3rd consecutive quarter.

The consumer index of the Philippines, however, dipped by 3 points to 118 , from 121 in the 2nd quarter of 2013.

The study also showed that 67% of Filipino consumers preferred to put their money into savings after spending for their living expenses.

The Filipino shoppers are also in the top 10, placing 6th among global consumers who preferred to save their cash than to spend.

What Filipinos prefer to spend on

Filipino respondents who opted to spend their money said they would spend on:

• new clothes, 32%
• holidays and vacations, 25% 
• technology products, 29%

(READ: More Filipino buy socially responsible brands)

Managing director of Nielsen Philippines Stuart Jamieson said retailers should take advantage of the high consumer optimism of Filipino consumers as the holiday season nears. 

“This sends an encouraging message to many retailers as they get ready for the end-of-year holiday season—a period that involves high consumption on travel, gifts, new clothes and entertaining,” Jamieson noted.

Consumer confidence globally increased by more than half or 57% across markets included in the survey. This was higher than the 45% posted in the 2nd quarter of 2013.

Nielsen polled 30,000 respondents online from 60 countries between August 14 and September 6, 2013 for the survey. – Rappler.com