PH; CONSUMER SPENDING OF YOUNG AND GROWING DEMOGRAPHICS

The Philippines' young demographics remain as a key driver of domestic consumption. The Philippine Statistics Authority (PSA) census tallied the total population of the country in 2017 at 104.92 million. This figure translated to an annual average population growth of 1.55%.

The Philippines has one of the youngest populations within the APAC region with a median age of 24 years old.

Majority of the population are also of working age (between 15-64 years old) which accounts for 64% of the country’s total population and is expected to grow by 16.8% between 2017 and 2026, outpacing all major markets in the region over the same period.

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THE RETAIL INDUSTRY IN THE PHILIPPINES: PSYCHOGRAPHICS

What does the Philippine Retail Industry looks like? It is composed of diverse players, tapping on what appeals to the market considering the psychographics of Filipino consumers: Awareness of Global brands among Filipinos. With the advent of smartphones, access to internet and information, Filipinos are now more knowledgeable about the products available in the market. Changing Global Retail Landscape. More foreign brands want to invest in the Philippine Market. In the 2017 report of Cushman & Wakefield: How Global Brands are Shaping the Metro Manila Retailer Landscape, foreign brands view Philippines to be one of the key focus markets within the Asia Pacific region due to the rising disposable income of its young population and increasing demand for household consumption. Increasing preference for online shopping. With the convenience and product options e-commerce has to offer, more and more shoppers are now going online. Franchising of Brands. Franchising...

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E-COMMERCE PENETRATION IN THE PHILIPPINES

Although many prefer online shopping, it only amounts to 39% e-commerce penetration, as of end of 2017. According to We are Social and Hootsuite, e-commerce shoppers in the Philippines spent an average of $37 (Php 1,900) in 2017.

The Digital Economist

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