Filipinos Are Investing in Happiness, Because We Deserve It
If there’s one thing the last two years have taught us, it’s that life is too short to be unhappy. According to the Asia: Markets to Watch report from WGSN, that’s exactly what Filipinos have realized as local consumers have become known as “Joy Seekers,” or consumers who purchase products and experiences to feel reassured, and hopefully, happy.
We all know the Filipino “deserve ko ’to” mentality where we justify instant gratification purchases as a coping mechanism. But it seems to have reached a whole new level as more Filipinos are willing to spend on products and experiences that’ll give them a hint of joy.
“Filipinos have been showing more interest to spend on products and experiences that bring them happiness and comfort,” shared Athena Chen, senior strategist of WGSN in APAC. “As they continue to feel the impact of COVID-19 on their mental health, these online purchases naturally become a form of self-care, which promotes a better well-being.”
E-commerce platforms and food delivery apps were among the Philippines’ biggest contributors to the growing online market, no doubt a legacy of pandemic-era habits when consumers turned to online shopping to deal with cabin fever.
Banker Ron Magno is one of the many Filipinos seeking fulfillment with online shopping and commerce. During the pandemic, Magno developed a habit of ordering out, supporting food businesses online, and even baking. When lockdown eased, he went back to investing in dining out experience: “With eased up restrictions, I now find myself dining out again, although ordering food online has also become a norm for me.”
Meanwhile, market analyst Mary Joyce Fernandez found that painting helped her with pandemic stress. After investing in paint kits and materials, she would reward herself “with these activities after a long day keeps me more optimistic these days.”
Maria Patricia Sacay, a designer, finds fulfillment by attending concerts and investing in concert tickets: “Despite the possibility of the concert being canceled due to the rising number of positive cases, I still ended up buying the tickets because I wanted to feel the happiness of attending concerts again after being cooped up at home for so long.”
Hobbies, experiences, products—these are the things bringing Filipinos joy in 2022. Whether you find gratification in buying plants or investing in cooking material, it's clear consumers have their priorities set. It might not have the return of investment turnaround as stocks and mutual funds, but with growing gas prices, worsening climate change, and rising inflation, we’ll take our happiness where we can find it.
If consumers are resorting to online shopping as a form of therapy after a stressful two years, then who is anyone to judge? If Filipinos are investing in happiness, it’s because we deserve it.
