MANILA — Filipino consumers have become smarter and more flexible shoppers as economic challenges such as inflation affect their spending capacity, according to a report by processing and packaging solutions firm Tetra Pak.
Consumers in the Philippines, Malaysia, Singapore and Indonesia have exhibited new trends such as "flexi-shopping" and "eatertainment," according to Trendipedia 2023 which Tetra Pak has done with Ipsos.
As disposable income becomes squeezed due to inflation and other global headwinds, the priorities of consumers shift, Billie Ing, Global Head of Trends and Foresight at Ipsos Strategy3.
"These days, consumers are setting new priorities and standards regarding where and when they use their money impacting their spending habits. As a result, companies need to be more creative in attracting consumers to choose their products today,” Ing said.
Flexi-shopping for example, is a trend where consumers adopt a flexible mindset where they cut back on spending when needed but indulge if they think there are additional benefits such as on health, said John Jose, Marketing Director of Tetra Pak Malaysia, Singapore, Philippines, and Indonesia.
According to the study, some 88 percent of consumers in the Philippines are also saving less to maintain their current standard of living.
"As consumers, we tend to look for alternatives that are also good, quality products," said Jose.
The report also found out that today, it's not just those on a budget are seeking good value for their money.
The "eatertainment," trend, meanwhile, showed some consumers are seeking ways to try new flavors, recipes and trends seen online, the report said.
Gen Zs, according to the report, respond to games, creative content and social media which brands should consider exploring to reach more consumers. Social media influencers and content creators also play a key role in spreading food trends, according to the report.
Other major themes noted by the report include "life hacks" and "evolving spaces," among others, Tetra Pak said.
Trendipedia is Tetra Paks annual global report on the changes in consumer behavior. It analyses consumer trends as well as opportunities for businesses in the food and beverage industry.
“We remain committed in playing our part to develop breakthrough solutions that will help shape a more sustainable tomorrow for people on our planet. The Trendipedia report holds many insights that can help our customers improve any dimension of their business and drive performance,” said Jose.