In the Philippines, optimism has been at one of the highest rates in APAC, specifically among the older generation, the highest income group. Both income and spending have increased compared to year-end 2020, with positive consumer trends in spending for essential commodities, but discretionary spend showing caution.
About half of consumers are engaging in out-of-home activities, with more than 70 percent modifying behaviors when going out for entertainment and traveling. While 97 percent are engaging in social media and continue to use digital services, in-store shopping is recovering in a majority of categories, specifically researching for essential supplies and services.
More than 90 percent of consumers also exhibit new shopping behaviors, including switching brands or retailers, with value the top driver among those who switched brands.
These exhibits are based on the COVID-19 Philippines Pulse Survey data collected in the Philippines October 28–November 11, 2022. Check back for regular updates on consumer sentiments, behaviors, income, spending, and expectations.