The rise in internet connectivity is influencing how Filipino consumers in urban areas shop. Close to 80% of Filipino urban dwellers are now online, and more than 90% of them have bought two to three categories at an average in the past 6 months.
In today’s retail environment in the Philippines, going big doesn’t guarantee big growth anymore. Similar to many markets, small store formats like smaller supermarkets and convenience stores have expanded to move closer to residential areas and high traffic areas to cater to shoppers' busier lifestyles.
While sales of sugar-sweetened beverages have been weakening in the past years, the accelerated rate of decline in sales in February or a month after the implementation of excise taxes reflects consumers’ typical reaction after a price increase.
The latest Global Survey of Consumer Confidence shows that while typhoon Yolanda has dampened confidence in the fourth quarter of 2013, with consumer confidence declining three points to 114, the Philippines is still home to one of the world’s most optimistic consumers.
A look at how consumers are responding to the challenges of ensuring financial security reveals that while 83 percent of Filipino respondents believe they will achieve all their financial goals for the future, only 30 percent are confident that their current planning will be enough. At the same time, 53 percent say they will need to closely monitor and adjust investments from time to time in order to best meet their financial expectations.
The path to purchase for innovation in Asia is a long one, as consumers are typically wary of new products and services. Given the rise in innovation in Asia and existing consumer tendencies regarding new products, Nielsen has identified five key ways to succeed with innovation in Asia.