MANILA - Filipinos' spending during the love month of February can rival that of the Christmas season, a family business coach said on Monday.
An estimated 30 percent of the 15 million middle-income marketspend about P2,000 on chocolates, roses and dinners for their loved ones on Valentine's Day, Eric Soriano told ANC.
"These are fueled by marketing, compelled by strategies that will further create more frequency of buying behavior. It just doesn’t fall on a particular day, but covers the whole month of February," Soriano said.
Another 5 percent, which represents the premium market, spend on travels and staycations, which go beyond February 14, he said.
The target market is not limited to couples, Soriano said, with companies offering products "that would spur more spending" for singles, ex-couples and families.
"It’s not just for couple, it can be for singles, not just for people with relationships. It can extend to your loved ones as well. It’s a combination of so many things, it’s very commercial," he said.
Dating apps also take advantage of the season providing an area where singles can converge. At the same time, they provide a venue for companies to advertising and sell their products.