NEW YORK CITY: Filipinos are among the top three world’s most confident consumers in the third quarter of 2015, despite posting a quarter-on-quarter decline of five points to a Consumer Confidence Index score of 117, media reports said.
However, the year-on-year trend for the Philippines was up two points, reported Inquirer.
While consumer confidence across a number of Southeast Asia markets has taken a beating in Q3 2015, other countries in the region which remained as the world’s top 10 most optimistic are Indonesia, Thailand and Vietnam, the report said.
After the Philippines, Indonesia closely follows as the market with the fourth most confident consumers, with a score of 116, dropping four points from Q2 2015 and down nine points year-on-year, while Thailand (ranked 5th globally) is flat quarter-on-quarter with 111 and down marginally (2 points) compared to the same quarter a year ago, it added.
Vietnam ranked 10th globally with a Consumer Confidence Index score of 105, up one point quarter-on-quarter and up three points year-on-year, it was pointed out.
Meanwhile Malaysia, which posted the region’s lowest Consumer Confidence Index (78) also posted the region’s steepest decline, down 11 points quarter-on-quarter and 21 points year-on-year, largely driven by consumers’ concern around currency devaluation and rising food prices. Globally, consumer confidence rose slightly to 99 in Q3 2015, up three points compared to Q2 2015, said the news portal.
The survey reportedly revealed that recessionary sentiment among Filipino consumers is down by one percentage point along with Singaporeans (-5pp) and Vietnamese (-3 pp). In contrast, recessionary sentiment is rising in Malaysia (+16pp), Indonesia (+10pp) and Thailand (+8pp).
Job security, work/life balance and health feature remained prominent features in the Filipino consumers’ list of key concerns in this round of the survey, the report pointed out.
Striking a similarity with other consumers in Southeast Asia, Filipinos continue to give financial security top priority. Close to seven in 10 respondents in the Philippines (67 percent) put their spare cash into savings, while 30 percent invest in shares of stock or mutual fund. Discretionary purchase intentions high on the priority shopping list of consumers in the Philippines include spending on new clothes, and holidays/vacations, Inquirer reported.