PH is one of world’s most confident consumers – survey
The Philippines continues to be one of the world’s most confident consumers in the third quarter of 2013, registering the second highest consumer confidence index points of 118 despite a three-point dip from the previous quarter, according to consumer confidence findings from Nielsen.
Despite declining four index points, Indonesia reported the highest consumer confidence index of 120 points for the third consecutive quarter.
The Nielsen Global Survey of Consumer Confidence and Spending Intentions measures consumer confidence, major concerns, and spending intentions among more than 30,000 respondents with Internet access in 60 countries.
Consumer confidence levels above and below a baseline of 100 indicate degrees of optimism and pessimism.
In the latest round of the survey, conducted between August 14 and September 6, 2013, consumer confidence increased in more than half (57%) of global markets measured by Nielsen, compared to 45 percent in Q2 2013.
While global consumer confidence indexed at 94 in Q3 2013, overall consumer confidence in Asia-Pacific took a negative turn in the third quarter, declining one index point regionally to 104, which was the highest index of the five regions.
While the outlook for job prospects declined in half of the Asia-Pacific markets measured, Filipino survey respondents continue to indicate positive attitude on local job prospects registering the highest optimism in the world (79%), a two-point increase from last quarter.
Although the Philippines showed a two-point decrease in perception on the state of personal finances compared to the previous quarter, it is the second most positive with 77 percent.
The positive sentiment is consistent with the openness of Filipino consumers to spending. When asked on their perception of good or bad time to buy the things they want and need over the next 12 months, Filipino respondents were among the top 10 respondents who feel optimistic at 49 percent.
After covering essential living expense, 32 percent of Filipino online respondents would spend on new clothes, paying off debts (28%) and holidays and vacations (25%).
The allure of technology products is not lost on Filipino respondents, with 29 per cent joining other Asian respondents who will spend their spare cash on technology products.
“We expect the positive outlook of Filipinos to continue until the remaining of 2013.Consistent with the confidence findings, we see that consumers are planning to increase their spending across industries,” said Stuart Jamieson, managing director, Nielsen Philippines.
“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.”
Despite the optimism, Filipinos continue to prioritize saving. Filipino respondents continue to be one of the world’s top ten savers with 67 percent of respondents saying that they prefer to put spare cash into savings after covering essential living expenses.