The Philippines holds steady to second spot in Southeast Asia and third globally as home to confident consumers, according to Nielsen’s Q1 2014 Global Survey of Consumer Confidence and Spending. This is a two point increase from the slight dip (-4) in last quarter of 2013 or immediately after typhoon Yolanda.
The Philippines follows Indonesia which recorded the highest confidence index score globally at 124 points in Q1 2014 (unchanged from the previous quarter). Thailand also remained positive at 108 points (down 1 index point versus last quarter).
As consumer confidence level increased in Q1 2014, so do consumers’ perceptions of their personal finances for the year ahead. Globally, Filipino consumers are the second most positive about their personal finances while Indonesians are most positive about their financial status.
As consumers continue to keep a positive perception of their personal finances, intention to save after covering essential living expenses also remained a high priority. Awareness on the importance of preparing for the future and the availability of savings and investment vehicles, are driving Filipino consumers to to tap into these vehicles as a means of maximising their future financial outlook and planning for their golden years.
Consistent with the focus on saving for the future, Filipino consumers are also among Southeast Asian consumers who say they have changed their spending habits to save on household expenses.
Consumers remain cautious with their spending and are prepared to change their spending habits in order to improve their finances and secure their future.
Despite their tendency to save for a rainy day, Filipino consumers indicated their willingness to spend on holidays and out of home entertainment. This is reflective of consumers becoming more sophisticated in their spending and the demand for experiential offerings.
Insights contained in this article are taken from The Nielsen Global Survey of Consumer Confidence and Spending Intentions which was conducted between 17 February and 7 March 2014 and polled more than 30,000 online consumers in 60 countries throughout Asia Pacific, Europe, Latin America, the Middle East, Africa and North America.