MANILA, Philippines — Filipinos remain positive about their financial status in the next 12 months even as the majority are taking an extra job or starting a business to have an additional income source and make ends meet, according to a study of marketing and data analytics company Kantar.
Conducted from February to April of this year, the study, which covered 2,000 households across the country, showed 52 percent of Filipinos expect their financial status to remain the same in the next 12 months, despite challenges they face and headwinds affecting the economy.
The study also revealed that close to 41 percent believe their situation will still improve, while only seven percent think it will worsen in the months to come.
Kantar found that seven out of 10 Filipinos manage their family’s needs by having an extra job or starting a business.
“Despite the challenges, Filipinos who are managing are looking for means to extend their resources. Our Shopperscope respondents who classify as managing reveal that they are adding an extra job on top of a regular one or are starting a business to augment their primary source of income,” Laurice Obana, consumer and shopper insight director at the Worldpanel Division of Kantar Philippines, said.
She said this behavior has resulted in a hustle culture among Filipinos, as they try to earn more but have less time for chores, personal interests and other activities.
The same study showed 19 percent of local households describe themselves as struggling due to job cuts or fewer working hours that affect their pay, less than three percent from the previous year’s survey.
Meanwhile, eight percent are comfortable with their current economic situation, up by one percent from last year.
The percentage of those who are managing to meet their needs also went up two percent from 2023.
With a slightly better financial disposition compared to last year, Kantar found that purchases of Fast Moving Consumer Goods (FMCG) among Filipino households went up by five percent in terms of value this year driven by beverages like soft drinks, coffee, water, family or children’s milk, as well as snacks such as instant noodles, biscuits and crackers.
However, Filipinos continue to be mindful of their FMCG purchases as those who struggle to budget their funds look beyond discounts and cut back on their overall FMCG spend by doing grocery shopping less often and buying less than what they intended to when they visit stores.
Aside from value, convenience is also a consideration for Filipino consumers with the study identifying quick shopping as a new reality for all Filipinos – whether they are from the struggling, managing or comfortable groups.