Consumer confidence in the Philippines remains strong in Q3 2017, registering the second highest index score globally. According to the latest Consumer Confidence Index released by Nielsen, a global information and measurement company, consumer optimism in the Philippines is at 131 (+1 from Q2), coming in second to India’s 132 index score.
Indonesia follows the Philippines, posting an index score of 127 (+6). Optimism in other Southeast Asian markets soars above the global average index score of 105. Vietnam retains its fifth position from the previous quarter with 116 index score while Thailand consumer confidence picks up further steam, gaining six percentage points at 113.
UP AND UP
The three confidence indicators which were measured in the survey remain high among Filipino respondents. Job optimism persists at 85% while immediate-spending intentions improved from 58%in Q2 to 63%. Favorable sentiment about personal finances continues to improve from 84% in Q2 to 87% in Q3.
WHERE CONSUMERS ALLOCATE SPARE CASH
After paying for the essential living expenses, Filipino respondents say that they will allocate their spare cash to savings, 69% (+11 from Q2). Consumers also indicated increased willingness to earmark spare cash to holidays and vacations, up four points to 34%. This is followed by investment in shares of stock (32%, +3) and home improvements (31%, +4).
ABOUT THE NIELSEN CONSUMER CONFIDENCE INDEX
The Nielsen Consumer Confidence Index measures perceptions of local job prospects, personal finances and immediate-spending intentions. Consumer confidence levels above and below a baseline of 100 indicate degrees of optimism and pessimism, respectively. Within a country, period-to-period movements of seven points or more are considered statistically significant. At a global level, movements of two points are statistically significant; at a regional level, three to four-point movements are statistically significant. The index and other findings related to consumer confidence are based on data from the Nielsen Global Survey of Consumer Confidence and Spending Intentions. Established in 2005, this survey measures consumer confidence, major concerns and spending intentions among more than 30,000 respondents with internet access in 63 countries.