Most Filipinos Put Big Purchases Aside During the Pandemic
Setting money aside for a rainy day has always made sense. We all truly never know what the future holds, and when we might need funds for an emergency. Well, having savings has become even more of a standard in the uncertainty of a pandemic.
Keeping money untouched, however, is easier said than done. But, it seems a lot of Filipinos are holding up to the challenge well as a new study has found that most Filipinos—92 percent, to be exact—postponed buying big-ticket items starting in March when the quarantine started.
The survey, conducted by researchers through the Global Web Index at the US-ASEAN Business Council UPS SME Workshop: Digital Transformation, has revealed that instead of spending, Filipinos have bonded with family over social media and focused on online streaming shows.
UPS head of marketing for Indonesia and Philippines Marianne Mendoza says the results of the survey will be of help to the retail industry. It can help understand opportunities and even the behavior of consumers.
That's not to say, however, that Filipinos have been totally responsible with their money. Come Christmastime, Filipinos will reportedly spend more on themselves by self-gifting. And, as always, the wealthy are another breed. Case in point: they're buying beach houses, apparently.