The Nielsen Internet Survey for March 19-April 2, 2009 of over 26,000 consumers in 50 countries revealed a continuing decline in consumer confidence worldwide. That holds true for the Philippines — but Filipinos remain among Asia’s most confident consumers, with 43% expecting improvement in the next 12 months. A high 63% believe their personal finances are in good condition. A moderate 34% still agree that “now is still a good time to spend.”
Pitted against the world, with the median at 50%, the Philippines registered a relatively high confidence level of 79%. Of 14 Asia Pacific countries, Filipino optimism is at no. 2 for personal financial improvement and no. 3 for job prospects.
How do we spend our spare cash then? Respondents claim it is savings, with 69% of their spare cash going to the bank. The remaining loose change goes to clothing, new technology and paying debts and loans (credit cards and amortizations).
Out of 50 countries surveyed, the Philippines comes:
No. 2, second only to China, in buying new clothes. Perhaps, the better to land a job with.
No. 2, again, second only to China, in buying new technology. All the better for sending jokes and text novenas.
No. 4, in savings. To the bank goes the money.
No. 4, in home improvement. It’s the rainy day mentality. Sickness and leaky roof, all that.
No. 5, paying debts. To banks, credit cards and loan sharks, yes. Debts to society, who knows.
No. 8, in holidays and vacations. Not in the Filipino vocabulary.
No. 9 in investments and stock. Respondents were generally risk-averse, perhaps in reaction to recent local financial scandals.
