Global Study Reveals That Filipinos Ready To Seek More Meaningful Purchases
Staying competitive in today’s faster, more globalized, and more collaborative markets requires a keen understanding of the forces that drive ideas, products, and services from the unknown to the mainstream. Among these forces are the prosumers, they are consumers who are first to try what’s new and are relied upon by their circles for recommendations and opinions. They are known to be influential in what the mainstream will patronize within 18 to 24 months. These individuals have been the subject of more than a decade of study by multinational communications firm Havas Group. Its latest report includes the Philippines and reveals Filipinos’ changing attitudes and behaviors when it comes to choosing organizations, companies and products to support.
According to Emerging Shifts in Filipino Consumption Mindsets (local highlights from the global research The MEaningful Shift) shared by Havas Ortega Group, 93% of Filipino prosumers today believe in their responsibility and 86% in their capacity to make a difference in the world; 49% believe in the strength of their purchasing power more than their voting power; and 60% will choose a product depending on a company’s values or political and social activities.
“These numbers indicate that Filipino Prosumers have truly realized the power they have in influencing not just the marketplace but society as a whole. The mere act of choosing at the grocery, at the supermarket, in a boutique, or in the mall are more than just shopping and buying for Filipino Prosumers. The choice in itself carries ripples of effect to the rest of the society. For them, the power to choose is more than just about which brand or product to bring home; the choice also reflects how they are answering the call to be socially-responsible individuals,” says Phil Tiongson, Havas Ortega’s Head of Data & Analytics.
While respondents know that consumer spending helps the economy and enhances their own happiness, they also feel guilty and worry over the impact of their consumption on society and the planet. As a result, Filipino prosumers are redefining what makes a good purchase and are moving towards more mindful and meaningful buying habits. Some of the key figures show that 73% (higher than the global average of 61%) are becoming more selective and ask themselves if they really need it before buying it; 88% (versus 71% global average) would be willing to pay more if it will contribute to a good cause; and 95% (versus 86% global average) think about the impact of their shopping on the planet’s resources.
As the Filipino consumption mindset starts to shift in this direction, organizations and brands face the challenge of developing products and services that appeal to these consumers’ emerging needs and considerations.
Havas Ortega Chairman and CEO, Jos Ortega, concludes: “Businesses have to adapt by taking the consumers’ guilt out of the equation and helping them express a ‘me’ they feel good about whenever they buy. By responding to the evolving priorities and aspirations of Filipino consumers today – their need to grow into and present their best selves, to make a positive contribution in the world, to support community and country, to be less wasteful and help the planet – businesses will stay relevant and be able to navigate ever-changing markets with ease and effectiveness.”
The latest Prosumer Report surveyed 12,168 men and women across different age groups in 32 countries in 2017. The Philippines has been included in the worldwide study since 2016.