Filipinos 'second most confident consumers'
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Filipino consumers remain the second most confident spenders in the world in the third quarter of 2013 despite a slight decline in overall optimism, according to the latest survey results of market research firm Nielsen.
Registering at 118 index points, the Philippines trails slightly behind Indonesia where bullish consumers gave the country 120 index points, making its consumers the most optimistic worldwide for the third consecutive quarter.
According to the survey, the outlook for employment declined in half of the Asia-Pacific markets measured, but Filipino survey respondents continued to indicate a positive attitude on local job prospects, registering the highest optimism in the world at 79 per cent or a two-percentage point increase from the previous quarter.
The Philippines also showed a two-percentage point decrease in perception on the state of personal finances compared to the previous quarter, but remained the second most positive in the world with 77 per cent.
“We expect the positive outlook of Filipinos to continue until the remaining months of 2013,” Nielsen Philippines managing director Stuart Jamieson said in a statement.
“Consistent with the confidence findings, we see that consumers are planning to increase their spending across industries.”
According to the research firm, the positive sentiment among local consumers was consistent with the growing willingness of the local population to spend more for their purchases.
When asked about their perception of whether the next 12 months would be a good or bad time to buy the things they wanted and needed, Filipino respondents were among the top 10 respondents who felt optimistic at 49 per cent.
After covering essential living expenses, 32 per cent of Filipino respondents said they would spend on new clothes, holidays and vacations (25 per cent) and pay off debt (28 per cent).
Nielsen added that local consumers also remained enamoured with technology products, with 29 per cent saying they would spend their spare cash on gadgets.
“[The results] send 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 entertainment,” Jamieson said.
