Connect with us

Hi, what are you looking for?

Top Stories

Editor's Pick

Consumer non-essential spending dropping on worries about PHL economy


CONSUMERS have cut back on non-essential items due to worries about the Philippine economic climate, PwC said, citing the findings of a survey.

PwC said on Tuesday that its February 2023 Global Consumer Insights Pulse Survey found that 80% of respondents cut spending on non-essentials, with 16% stopping altogether and 64% reducing their spending.

The spending restraint is more pronounced than the Asia-Pacific average of 65%, PwC said.

“Concerned about inflation and the cloudy macroeconomic climate, consumers are realigning their shopping habits and adopting cost-cutting behaviors,” PwC said in the report.

The PwC report also found that consumers in the Philippines expect to spend less over the next six months on categories such as fashion (50%), home entertainment (46%), and consumer electronics (45%).

“As 2023 unfolds, powerful internal and external forces are weighing on consumers and companies, producing frictions that gum up the gears of commerce and stand in the way of more satisfying customer experiences,” PwC said.

The PwC report also found that consumers will make purchases only when they are discounted (61%), buy from retailers offering “better value” (53%), or switch to cheaper brands (47%).

The PwC report also indicated that 53% of respondents are worried about their personal financial situation as the cost of living escalates, higher than the 48% average for the Asia-Pacific.

According to PwC, the survey was conducted in December involving 9,180 consumers across 25 territories including the Philippines. The respondents were at least 18 years old and shopped online at least once in 2022.

PwC said that 96% of all respondents plan to adopt cost-saving measures over the next six months. — Revin Mikhael D. Ochave 

You May Also Like

Editor's Pick

THE BOARD of directors of Ayala-led ACEN Corp. has approved the availing of credit facilities amounting to about P7.8 billion from two financial institutions....

Editor's Pick

STOCK PHOTO Image by StockSnap from Pixabay HYDERABAD – When Saloni Singh was little, she would beg then brawl with her brother for a turn on...

Editor's Pick

HOLCIM PHILIPPINES FACEBOOK PAGE LOCAL cement manufacturer Holcim Philippines, Inc. has partnered with South Korean cement and concrete producer Sungshin Cement Co. Ltd. to...

Editor's Pick

The Philippine economy grew by 6.4% in the first quarter, the slowest growth in two years. — PHILIPPINE STAR/ MICHAEL VARCAS By Luisa Maria...

Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Secrets Of Richdads. All Rights Reserved.