The latest Nielsen Consumer Confidence Index found Filipino consumers to be optimistic, while remaining cautious and prone to cut on expenditures.
The Philippines ranked third among 58 economies covered in the index, next to Indonesia and India, with a rating of 118, several notches higher than its showing in the previous survey.
The online survey, conducted from August 10 to September 7, involved over 29,000 respondents from 58 countries throughout Asia-Pacific, Europe, Latin America, the Middle East, Africa and North America.
“The high confidence among Filipinos can be attributed to the positive perception regarding local job prospects in the country for the next 12 months, which at this point is the second highest worldwide,” said Nielsen Philippines Managing Director Stuart Jamieson.
“Expansion plans in the energy, transportation, telecom industries and largely, the BPOs (business process outsourcing), are helping to create this positive perception in the country.”
The survey found that 63 per cent of Filipinos felt positive about their personal finances, with the country also ranking second worldwide. Thirty-nine percent said the third quarter was a good time to make purchases, down from 42% a year earlier, but 7% — from 5% previously — said it was an excellent time to do so.
Spending, however, continues to be cautious, the report said, with 78% saying they have cut down on household expenses compared to the 22% who said they did not.
Respondents said they had held off from buying new clothes and gadgets, were saving on gas and electricity, switched to cheaper grocery brands and cut down on take-away meals.
Major concerns over the next six months for Filipinos were job security, work/life balance, health, welfare and happiness of parents and education of children.
The global score rose by a point to 92 after dipping three points in the second quarter, and was four points higher than a year earlier.