Filipinos among world’s confident Spenders
by FFE PH News staff
Despite a small decline in overall optimism, Filipinos continue to have a positive outlook on their spending power. This is according to market research firm Nielsen’s survey for the third quarter of 2013.
Filipinos registered 118 points, 2 points behind Indonesians who grabbed the top spot for the third consecutive quarter. Filipinos also grabbed the top spot worldwide for being the most optimistic about job prospects at 79%, 2% up from last quarter.
Filipinos also remained the second most positive in the world about personal finances despite falling 2% down to 77% from the previous quarter.
Nielsen Philippines managing director Stuart Jamieson said ‘Consistent with the confidence findings, we see that consumers are planning to increase their spending across industries.
‘We expect the positive outlook of Filipinos to continue until the remaining months of 2013.’
The firm said that Filipinos were also more willing to spend more for their purchases. They ranked in the world’s top 10 respondents who felt optimistic about their buying power for the next 12 months.
The survey revealed that after spending for essential living expenses, 32% of Filipinos will spend their money on new clothes, 28% on debts and 25% on holidays and vacations. 29% of Filipinos also said they will spend their extra cash on gadgets.
The director added ‘[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.’
Despite confidence in spending power, Nielsen revealed that Filipinos remain one of the world’s top 10 savers, with 67% saying they place spare cash on savings after covering living expenses. On a global scale, there has been an increase in the number of people who said they plan to save for the future, with 52% saying they have put spare cash on savings and 25% saying they have invested in stocks and mutual funds.
The Nielsen Global Survey of Consumer Confidence and Spending Intentions covered 30,000 respondents in 60 countries.