MANILA, Philippines — Filipinos are a people driven by a passion for various pursuits—from traveling to gaming, entertainment and beyond.
Recognizing this, finance super app Gcash hosted an “Insider” event on June 14, aimed to equip businesses and entrepreneurs with innovative ways to tap into Filipinos' diverse passions.
Here are our three takeaways and insights:
1. Travel is back with tightened budgets
Revenge travel is real, and its growth is expected to continue. According to GCash, post-pandemic travel spending has tripled, with 80% of GCash users planning to travel within the next 12 months.
However, despite the increased interest in travel, 77% of today's travelers have reduced their budgets due to the pandemic's impact. Additionally, Filipinos now include travel in the "saving to spend" category, requiring intentional budgeting and careful planning.
Other categories like fashion, pharma, insurance and FMCG have also become part of the pre-planning and arrival journey of travelers.
2. Gaming continues to grow post-pandemic
Gaming is not limited to children and men alone. It's time to reconsider this perception.
GCash reports significant growth in gaming and gaming-related transactions on its platform, with a notable 2.3x increase. Interestingly, this growth is driven not only by younger individuals but also by financially responsible adults in their late twenties. Surprisingly, 47% of these gamers are women.
Gaming is just one aspect of this multifaceted segment. Gamers are fueled by multiple interests, including being social media enthusiasts, food enthusiasts, TV binge-watchers, Kpop fans and more.
3. Filipinos are deeply immersed in entertainment
According to GCash's report, both offline and online entertainment continue to grow as the economy reopens. The report shows a 5.8% increase in offline entertainment-related transactions and a 2.8% increase in online.
GCash reveals that entertainment fans are so immersed that their spending extends beyond online platforms.
For instance, movie streaming app users also spend more on their electric bills, cable bills and food deliveries. Music lovers, aside from their music streaming subscriptions, allocate significant spending on events and concerts, musical instruments and audio gadgets.
Moving passions forward
Themed “Passion Forward,” the Gcash Insider event also discussed the utilization of customer insights and how digital solutions can help businesses thrive amid evolving consumer behaviors in the Philippines.
Here are some recommendations according to GCash:
- Leverage data beyond demographics, vanity metrics: Businesses need to analyze spending data to understand what customers truly care about. GCash Partner Solutions, with millions of active and paying customers, provides rich data insights.
- Opt for efficient targeting: With Filipino consumers becoming more mindful, businesses should select platforms that enable precise targeting throughout the entire customer journey. GCash Partner Solutions offers efficient and tailor-fit targeting with over 50+ customer affinities to mix and match.
- Deliver engaging and seamless experiences online and offline: Customers seek opportunities to invest in their passions across various channels. Businesses must proactively provide seamless experiences throughout the customer journey. GCash Partner Solutions prides itself on its full-funnel presence, covering all stages from awareness to onboarding, usage and advocacy.
'Bridging brands, connecting customers'
GCash, as the leading finance super app, aims to provide businesses with unparalleled opportunities for reach, engagement and pervasive touchpoints. Offering a comprehensive suite of services, GCash enables businesses to tap into a vast user base.
With its best-in-class data and analytics capabilities, GCash also empowers businesses to leverage valuable insights, make informed decisions and drive growth and success.
Expanding customer reach, fostering meaningful engagement and harnessing data-driven strategies are all part of GCash's vision to bridge the gap between brands and customers in the digital landscape.