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By Darwin G. Amojelar, Reporter
CONSUMER anxiety over the state of the economy has waned over the
past six months, with Filipinos more optimistic about job prospects,
personal finances, and spending, according to AC Nielsen
Philippines.
At a briefing, Benedicto L. Cid,
managing director of the research firm, said the Philippines’
consumer confidence index improved by 4 points to 104 in the second
half of 2006. The improvement is consistent with gains in all
aspects of the index, including job prospects, personal finances and
inclination to spend.
“Consumers are playing back and
feel better,” he said.
Cid said Filipino concern over
the economy dropped by 8 percent to 47 percent.
“The concern about the economy
is diminishing. This is consistent with the consumer spending
lifting in the past year,” he said.
AC Nielsen also expects consumer
spending this year to rise on the back of the May midterm elections.
Cid said that the country ranks
sixth among 45 countries in terms of the consumer’s tendency to
save spare cash.
“After saving, Filipino
priorities include spending on new technology and new clothes, and
paying off debt,” he said.
Forty percent of Filipino
consumers want to put spare cash in savings instruments; 35 percent
in buying new clothes; 34 percent on home entertainment, 34 percent
on holidays; 32 percent in paying off debts, including credit card
obligations; 29 percent on new technology; and 26 percent on home
improvements.
In terms of major concerns,
Filipinos are mostly worried about job security with 45 percent
saying so. This was followed by political stability with 28 percent
expressing anxiety over the matter, and health with 23 percent of
the respondents concerned over it.
“The economy is overwhelmingly
the biggest concern globally and regionally, followed by job
security and health,” Cid said.
The same survey showed that India
registered the highest index with 137, exceeding the world average
of 99. This was followed by New Zealand, 120; Australia, 117;
Vietnam, 116; Malaysia, 114; Indonesia, 113; Hong Kong, 111;
Thailand, 107; and Korea, 56.
The survey was conducted in
October through the Internet in 40 countries with 25,742
respondents. The Philippines had about 500 respondents.
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