No crisis or slowing down for Manila rich, famous – Synovate poll

While most economies and peoples worldwide are going through hard times, there’s no stopping Manila’s rich and famous from enjoying the good life, a new survey shows. “Affluent consumers in Manila continued to spend despite the recession in the past year,” according to the findings of the 2009 PAX survey conducted by market intelligence firm Synovate Ltd. The findings were released Tuesday.

For instance, the study showed that about one fourth (23.9 percent) of those polled among Manila’s elite said they have gone on at least one or more leisure trips in the past 12 months. In contrast, only 2 percent of the general Filipino population has been on vacation this year, Synovate reported.

Also, almost half (48.4 percent) of those surveyed continued to purchase popular high-end brands this year, up from 39.6 percent last year.

The rich Filipinos’ average monthly billing on credit cards also increased from $549 in the second quarter of last year, to $666 in the same quarter this year.

“We are seeing that affluent consumers in Manila do not want to give up the finer things in life,” Carole Ann Sarthou, managing director of Synovate in the Philippines, said in a statement.

What the rich buys

According to the 2009 PAX, “Affluent Manila consumers show the highest increase in intention to purchase all things luxurious compared to other markets surveyed, from designer clothes and leather goods [from 6.2 percent last year to 8.7 percent this year], quality accessories and footwear [from 5.1 percent to 7.1 percent], jewelries [from 6.5 percent to 10.5 percent], to luxury watches [from 7.1 percent to 8.6 percent].”

Also, Manila’s elite were up to date with the latest and “high-tech” gadgets. For one, 69.1 percent of well-off Manila residents have a mobile phone with In-ternet access and camera functions, while only about a third of the general population own such, Synovate reported.

It added that 63 percent of Manila’s rich capture moments using their own digital video cameras; 62.1 percent drive their own cars; 47.9 percent boast of laptops; 28.2 percent click on SLR digital still cameras; and 38.2 percent watch TV on flat screen sets. On the average, only about a fifth of Filipinos also own such gadgets.

The survey also noted that ownership of smartphones among Manila’s affluent has doubled to about 15.6 percent of respondents this year. There as well was a 7.8-percent increase in the ownership of laptop computers, an 8-percent increase in ownership of MP4 players, and 8.7-percent increase in ownership of digital still cameras among them.

Plus, three-fourths of well-off consumers from Manila said they now own one or more financial products this year, up from 68.5 percent last year. Ownership of stock, securities and bonds also rose from 15.3 percent of respondents last year to 16.3 percent this year; as well as of foreign currencies as an investment (from 15.5 percent last year to 16.1 percent this year); and unit trust fund or mutual fund (from 9.8 percent to 10.4 percent).

“A significant jump is also seen in private property ownership, from 51.5 percent in the period ending on the second quarter of 2008 to 58.2 percent in the period ending on the second quarter of 2009. In terms of other properties meant for investing purposes, ownership for elites in Manila is highest compared to other markets surveyed, at 39.1 percent, remaining stable from last year’s 38.8 percent,” Synovate added.

Their cup overflows

Moreover, consumption of alcohol among Manila’s rich overflowed, as 41.6 percent said they have drank alcohol this year, versus 28.5 percent of elites who also did so last year.

“Manila is one of only three markets, with Taipei and Singapore, which saw an increase in alcohol consumption this year. In fact, Manila saw the highest increase [13.1 percent],” Synovate reported.

The 13th edition of Synovate PAX surveyed elite adults, and tracked their media and digital consumption, prosperity and influence in the following 11 countries: Australia, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, Singapore, Taiwan, Thailand and the Philippines.

Synovate said it polled 1,670. –BEN ARNOLD O. DE VERA REPORTER, Manila Times