Pinoys worry about having secure jobs

Like most people around the world, the Filipinos’ main worry these days was about jobs because of the global economic crisis, the marketing researched firm Nielsen Co. reported Friday.

More than 20 percent of the Filipino consumers were concerned about their job prospects in the next 12 months, according to the Nielsen Global Consumer Confidence First Half 2009 report.

Globally, 33 percent of the consumers are also worried about the same thing in the first half of 2009, an increase of 17 percent compared to the same period last year.

“Though consumer anxieties about the economy take many forms, the most widespread fear centers on job loss,” Nielsen explained.

For the first time in the Nielsen survey, job loss was the global consumers’ top concern, ranking first out of 31 other concerns in all the 50 countries surveyed.

“With global redundancies affecting every industry, the economy and job security have eclipsed all other concerns in life today,” said James Russo, vice president of Global Consumer Insights at Nielsen.

From October to April 15, the Department of Labor and Employment (DOLE) reported that there were more than 63,000 Filipinos who were laid off. From April 1 to 15 alone, the number of displaced workers stood at 1,026.

Consumers on holding pattern

Nielsen also reported that Filipino consumers index fell nine notches to 11 in the first half of 2009, down from 20 in the same period last year.

“Consumers worldwide appear to be in a holding pattern, and we see evidence that consumer spending might be positioned to turn around,” Russo said.

“There is no doubt that conditions remain tough for global consumers, with continuing widespread areas of weakness, but levels of decline seem to be moderating,” he added.

The report said the areas where discretionary spending were most affected include cutting back on out-of-home entertainment, spending less on new clothes, and switching to cheaper grocery brands. “There are noticeable shifts in consumer spending to value channels, such as discount stores that provide high-volume, low-profit offers.”

The Nielsen Global Consumer Confidence Index, which is compiled twice a year, tracks spending habits and concerns among 25,420 Internet users in 50 countries. Respondents were surveyed between March 19 and April 2.
–Darwin G. Amojelar, Manila Times