Save less, shop more? Study shows how Filipinos spend spare cash

ABS-CBN News

Posted at Aug 31 2017 12:06 PM

MANILA - Majority of Filipinos set aside money as savings after paying for essentials, according to results of a Nielsen consumer habits study released on Thursday.

Fifty-eight percent of respondents polled by Nielsen in the April to June period said they would save whatever is left after living expenses. This, however, was a 6-point decline from the fourth quarter of 2016.

Buying new clothes was the second top reply, up 9 points to 33 percent, followed by holidays or vacations which increased 3 points to 30 percent, Nielsen said.

Twenty-nine percent said they would invest in stocks while 27 percent said they would spend on home improvements, the research firm said.

"Consumers with a positive outlook about their finances, job prospects, and spending intentions tend to have an open mindset towards indulgences such as clothes and travel," said Nielsen Philippines managing director Stuart Jamieson.

The same Nielsen study showed that Filipinos are the world's most confident consumers, in another reflection of robust economic growth.

Asked about their concerns, 30 percent cited job security, followed by health concerns with 23 percent. Nielsen said terrorism was the third top concern without saying how many of the respondents cited it.

"While previously aware of the terrorism on a global level, the Marawi siege brought the threat of terrorism closer to the minds of Filipino consumers," Jamieson said.