Tags: Consumer Goods and Concerns, Groceries and Shopping Centers
By Alexander Villafania
QUEZON CITY, METRO MANILA – Notwithstanding price increases and other factors, the purchasing power of Filipino households generally remained constant from last year, according to a survey by Kantar Worldpanel.
About 48 percent of Filipinos surveyed expect to have the same purchasing power from last year, This year’s results were compared to the 2010 report, which surveyed 3,000 households.
Considering the inflation rate of fast moving consumer goods (FMCG), the same people who said they would have the same purchasing power in 2011 actually increased their expenditure by five percent.
Last year, 14 percent of households surveyed said they expect less purchasing power in 2011. Indeed, the same households surveyed only increased their expenditure by only three percent, which is less than the 5.1 percent inflation rate for 2011.
Finally, households surveyed in 2010 who said they are expecting to increase their purchasing power this year did register an increase of nine percent.
Based on the socio-economic class of households, those in the class A and B homes could spend more on FMCG in spite of economic outlook for 2011.
Class C homes were more divided as those who were previously surveyed saying they would be spending less in 2011 actually spent more this year. Likewise, class C homes who earlier said they are optimistic about their spending power for 2011 did not even increase their expenditures.
Incidentally, the Kantar Worldpanel survey showed that households in class D were more consistent; those in this class who said that they were going to spend more in 2011 indeed spent around 10 percent more than in 2010.
Class D households who said they were pessimistic with the purchasing power also spent less but only by a just one percent.
Luz Barra, commercial director for Kantar Worldpanel, said in a statement that Filipinos are able to forecast their expenditure for the following year by adapting measures to know if the consumer environment would be better ahead.
By predicting what would happen, consumers can adjust their budgets to accommodate the changes.
As a follow up to the 2010 and 2011 surveys Kantar Worldpanel Philippines would be conducting another survey to see how Filipino consumers perceive their purchasing power in 2012.
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