Pinoys better able to fight recession – survey

MANILA, Philippines – Filipinos are better equipped to deal with the impending recession and the slowdown of the global economy because we are used to hard times, a survey disclosed yesterday.

“Filipinos are better equipped to weather the financial crisis than consumers from other countries,” Paul Roebuck, chief executive of BBDO Guerrero/Proximity Philippines said.

“The consumers we spoke to and spent time with indicated that the hardships of life in our country have left them feeling  more resilient to the vagaries of the economy and better prepared to deal with the implications of a downturn,” BBDO Brand Planning director Arlene Aquino said.

“Many said they felt that they had ‘one up’ on consumers in developed countries in helping them deal with the downturn because they had more experience of challenging economic conditions. This crisis is viewed by many as just another in a long life of financial challenges,” she added.

The study, which has been conducted in other markets around the world, showed that Filipino consumers are not only more resilient, but can adapt their behavior quicker than others.

For instance, 61 percent of Filipinos decreased their spending on social outings compared to only 36 percent in Singapore.

In fact, as a means to cope with the crisis, the study showed that Filipinos have lessened their social outings and are instead focusing on looking for ways to entertain them at their own homes.

The study called Trading Up/ Trading Down compared buying patterns of 200 Metro Manila residents over a period of six months.

“There is less personal indulgence and more of shared rewards,” the survey showed. They explained that consumers are now thinking of ways to improve their lives with their families instead of just enjoying outside with their friends.

Since the news of the crisis broke, the survey showed that 72 percent of Filipinos were looking for means to add to their basic income. Likewise, 71 percent were spending more time looking for best deals before making a purchase.

The survey said that less Filipinos are willing to be in debt because they see it as a quick sand that will sink them into deeper trouble without them realizing it. In fact, the survey said that buyers are willing to postpone or cancel purchases if they do not perceive it as necessary.

However, Aquino stressed that this does not mean that Filipinos will only buy cheap items because right now, she said the focus is on getting value for their money. She said consumers will not buy brands that they cannot trust and will stick to items that may be more expensive but will be useful to them longer. –Ma. Elisa P. Osorio, Philippine Star