Consumer sentiment less positive in Q2
Consumer confidence in the Philippines deteriorated this quarter due to rising commodity costs, weak incomes and high unemployment, according to a Bangko Sentral ng Pilipinas (BSP) survey released this weekend. end.
The results of the central bank’s latest survey of consumer expectations showed that the confidence index for the second quarter of 2022 – defined as the proportion of households who answered “yes” minus those who answered “no” – has decreased to 6.4% from 9.3% in the first three months. of the year.
“Respondents’ less optimistic sentiment for the next quarter stems from their concerns about: property prices rising faster, little or no increase in income, and high unemployment,” the BSP explained.
Compared to the previous quarter, consumers were less confident in both the National Capital Region (NCR) and areas outside the NCR (AONCR).
The Bangko Sentral also said the outlook for household spending on goods and services rose to 40.4% in April-June 2022 from 29.6% in the previous survey.
“This suggests that more respondents expect spending on basic goods and services to increase over the next three months.”
According to the survey, respondents’ expectations for spending in the NCR and AONCR were in line with the national trend.
More respondents indicated a higher expense allowance for food, clothing and shoes, rent and furnishings, water, electricity, fuel, medical care, transportation, education, recreation and culture, restaurants and cafes, and personal care and personal effects for the three months to June this year, the central bank noted.
Meanwhile, household spending on communications remained consistent compared to their expectations in the previous survey.
Consumer confidence for the year ahead rose to 30.4% from 23.6% in the previous survey.
BSP said respondents’ improved outlook for the coming year is due to expectations of more accessible jobs, additional and high incomes, strong governance and wage increases.
The most recent CES surveyed 5,282 households across the country from March 21 to March 31 this year.