Filipinos’ Christmas shopping habits unveiled

Filipinos plan their purchases, and know how to buy presents on a budget according to a survey by leading retail financial services company GE Money. The survey on Christmas spending habits in Asia was conducted between November and December of last (2007) year among more than 2000 GE Money employees across seven markets including China, Japan, Korea, Thailand, Indonesia, Singapore, and the Philippines.

The survey found that 76 percent of Filipinos said they plan purchases rather than buy on impulse, and half said they make a budget and stick to it. They fund their Christmas purchases either from their Christmas bonuses or from their regular salaries. In comparison, only a quarter of Chinese and a third of Japanese said they make a budget and stick to it.

Further, more than half of Filipinos, Japanese and Thais pay for Christmas presents with cash. In contrast, Chinese and Koreans are most likely to use credit cards to buy presents.

The survey likewise indicated that Filipinos take Christmas most seriously, with the highest rate of church attendance. Most plan to celebrate Christmas with close family and friends, and they purchase the most presents. Seventy-eight percent of Filipinos said they would buy six or more presents in 2007, the most among the surveyed nationalities, yet they did indicate they buy lower priced gifts. Nearly 80 percent buy gifts for everyone but the spending for each is less than $200.

“GE Money Asia conducts surveys to better understand the people in the communities where we live and work. It’s GE Money’s commitment to understand how people live their lives, at work and in leisure, and the role that consumer finance can play to help them achieve their goals,” said Eric Montelibano, Communications Leader of GE Money Bank Philippines.