MANILA, Philippines – Consumer confidence is higher in the Philippines than other countries with six out of 10 Filipinos saying that there is no significant drop in their personal finances despite the global economic slowdown, according to a survey conducted by AC Nielsen.
The survey, which covered 50 countries, ranked the Philippines as sixth in terms of consumer confidence.
AC Nielsen managing director Victoria R. Santos reported that there was a steep drop in the global consumer confidence for the first half of this year when compared to the second half of 2008.
Santos said that the global consumer confidence index is down to 77 from 84 during the last part of the previous year. Out of the 50 countries surveyed, all posted a drop in consumer confidence except Taiwan.
In the Asia Pacific region, the Philippines was third in terms of consumer confidence with Indonesia and India leading the pact.
In terms of job prospects, there is a moderate sentiment in the Philippines with 43 percent saying that the job market is good or excellent. However, Santos said that job security is still the biggest concern of most Filipinos.
Meanwhile, Filipinos are more confident for the first half of this year when compared to second half of last year with 63 percent saying that their personal finances did not go down significantly.
In spite of this, Santos said that Filipinos are more prudent in terms of spending. Only three out of 10 people surveyed said that this is a good time to spend.
The survey, likewise, showed that most Filipinos save the extra cash that they have. For the first half of the year, 69 percent said that they will put their spare cash in savings.
This is followed by spending for new clothes with 35 percent saying that they will use their spare cash to purchase apparel. This is closely followed by spending for gadgets and other technology related items with 34 percent.
Only 32 percent said that they will use their spare cash to pay for debts and credit card loans while 27 percent said they will take holidays or vacations.
Only 17 percent of surveyed Filipinos consider investing in stocks or mutual funds while nine percent said they will allocate their money for their retirement fund. –Ma. Elisa P. Osorio, Philippine Star
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