Consumer optimism up; economy less of a worry

Optimism among Filipino consumers improved in the first semester of the year following reduced concerns regarding the economy, political environment, and spending.

Job security, however, was the primary worry, and in fact became even more of a concern during the period in review, AC Nielsen Philippines Inc.’s Consumer Confidence, Concerns and Spending Survey found.

The study, conducted online in June 2006, surveyed 500 Filipinos in the middle income bracket aged 15 to 60 years. This segment, company officials said, represents the portion of the population which drives the economy.

The Philippine survey, part of a global review covering 40 countries, aimed to gauge the consumer outlook for the economy, expenditure and saving patterns, and major concerns.

The margin for error was plus or minus 4.4%.

It found that Philippine consumer confidence increased to 100 points this year from 93 in the second semester of the previous year, or up seven points. The consumer confidence index ranges from zero to 200.

"The Philippines improved by seven points to 100 with consistent increases in all aspects of the index-job prospects, personal finances, and a good time to buy ... The decline in concerns is helping lift the confidence of consumers," ACNielsen Philippines Managing Director Benedicto L. Cid, Jr. said. (Read full story)

From BusinessWorld/Sept. 8, 2006