At the close of 2015, consumer confidence in the Philippines held steady at 117 points (no change from Q3 2015) to register the highest index score in Southeast Asia and the second globally, according to the latest Nielsen Global Survey of Consumer Confidence and Spending.
Just under three-quarters (74%) of Filipino consumers say local job prospects are good/excellent in the next 12 months compared to the global average of 48%. Almost eight in 10 (79%) perceive their state of personal finances to be in good stead while 46% believe it’s a good time to buy things they want and need.
In Southeast Asia, Consumer Confidence Index score for Q4 2015 across all markets was high at 110. Indonesia closely follows the Philippines as the third most confident consumers globally, with a score of 115, dropping one point from Q3 2015. Thailand (ranked 4th globally) gained three points with a score of 114 while Vietnam rose to sixth place from previous rank at 10th place globally with a Consumer Confidence Index score of 108, up three points quarter-on-quarter. Malaysia, which suffered the worst decline in Q3, gained back two points to settle to a score of 80. Meanwhile, Singapore saw consumer confidence fall to a score of 94 in the fourth quarter, a seven-point decline from the third quarter.
WILLINGNESS TO SPEND
While consumers in the Philippines continue to give financial security top priority by channeling spare cash to savings (65%, -2 from Q3), they have also indicated willingness to spend.
Discretionary purchase intentions high on the priority shopping list of consumers in the Philippines include spending on holidays/vacations (27%, +1), new technology products (25%, +2), and out of home entertainment (14%, +3).
For more details and insights, download Nielsen’s Global Survey of Consumer Confidence and Spending report.