Consumer Lifestyle in the Philippines

Consumer Lifestyles in the Philippines - Consumer Lifestyles | 19 Apr 2011

CONSUMER TRENDS

Remittances overseas workers continue to bolster growth in consumer demand. OFW remittances have reached US$18.8 billion. The world financial crisis doesn’t affect OFW remittances and their strength and grow projected to continue even more. The growth in overseas remittances has resulted in a growing number of Filipinos joining the middle class. A significant number of low- to middle-income households having OFW family members are now able to afford goods and services they used to consider luxuries by purchasing them with remittances. This includes not only home ownership but goods and services that are highly income-elastic, such as leisure and recreation services, passenger cars domestic electrical appliances. Significantly, a significant proportion of OFW remittances are being poured into housing investments. OFW households are expected to be willing to pay more for innovative, high-quality branded goods.

Escalating health concerns drive increased demand for healthy food, beverages and supplements. Massive public information campaigns and the overall increased health consciousness of Filipinos have driven growing demand for healthier food and drinks as well as such products as vitamins and dietary supplements. At the same time, foods and drinks considered less healthy, such as those high in sodium or fat and with high levels of preservatives saw declines in demand. For many, eating fresh foods is the preferred option over consuming processed food. Specifically, there has been growing demand for such fresh food items as fruits and vegetables as well as fresh fish and seafood, which many Filipinos consider a healthy option. In other words, Filipinos are more conscious to their health now a day because a lot of diseases are coming through. Eating healthy foods can make their lives longer.

Fast-paced lifestyles fuel changes in consumer dining habits. Food “to come” in the...