This was the conclusion of a new study called ‘Trading Up / Trading Down’ recently completed by BBDO Guerrero / Proximity Philippines to gauge how the spending habits of Filipino consumers are being affected by the global economic crisis.
Arlene Aquino, brand planning director of BBDO Guerrero, said that since consumer debt-related spending is not really an option for most Filipinos, they have not experienced a “shock to the system” in the same way that consumers in developed markets have. “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 line of financial challenges.”
The study, which has also been conducted in other markets around the world by BBDO / Proximity, shows that Filipino consumers are not only more resilient, but they adapt their behavior quickly to deal with changing conditions than consumers in other markets.
