RP's affluent spend more despite crisis, survey says
11/18/2009 | 01:17 PM
The well-off in Metro Manila increased spending despite the economic downturn and even surpassed their regional counterparts in terms of an increase in the number of those intending to make purchases, a survey by Synovate found.
The market intelligence firm, in a statement issued on Tuesday, said average monthly credit card billings among 1,670 respondents rose by a fifth to $666 in the second quarter from a year earlier.
Private property ownership also spiked by 58.2 percent during the period, faster than the 51.5 percent growth seen a year ago, while ownership of laptops, digital music players, and still cameras increased by 7.8 percent, 8 percent, and 8.7 percent respectively.
Further information and the methodologies used were not detailed.
Moving forward, more Metro Manila consumers intend to patronize well-known brands this year and plan to purchase high-priced goods, Synovate said.
It said 48 percent of the respondents surveyed from October 2008 to June 2009 preferred buying famous brands, up nearly nine points from the 39.6 percent last year.
This, said Synovate, is the highest jump compared to 10 other Asia Pacific markets: Hong Kong, Singapore, Korea, Taiwan, Thailand, Malaysia, India, Indonesia, Japan, and Australia.
Metro Manila respondents also showed the highest increase in intentions to purchase designer clothes, leather goods, quality accessories and footwear, jewelry and luxury watches.
"We are seeing that affluent consumers in Manila do not want to give up the finer things in life," said Carole Ann Sarthou, managing director of Synovate in the Philippines. - BusinessWorld
The market intelligence firm, in a statement issued on Tuesday, said average monthly credit card billings among 1,670 respondents rose by a fifth to $666 in the second quarter from a year earlier.
Private property ownership also spiked by 58.2 percent during the period, faster than the 51.5 percent growth seen a year ago, while ownership of laptops, digital music players, and still cameras increased by 7.8 percent, 8 percent, and 8.7 percent respectively.
Further information and the methodologies used were not detailed.
Moving forward, more Metro Manila consumers intend to patronize well-known brands this year and plan to purchase high-priced goods, Synovate said.
It said 48 percent of the respondents surveyed from October 2008 to June 2009 preferred buying famous brands, up nearly nine points from the 39.6 percent last year.
This, said Synovate, is the highest jump compared to 10 other Asia Pacific markets: Hong Kong, Singapore, Korea, Taiwan, Thailand, Malaysia, India, Indonesia, Japan, and Australia.
Metro Manila respondents also showed the highest increase in intentions to purchase designer clothes, leather goods, quality accessories and footwear, jewelry and luxury watches.
"We are seeing that affluent consumers in Manila do not want to give up the finer things in life," said Carole Ann Sarthou, managing director of Synovate in the Philippines. - BusinessWorld
