The MEaningful Shift: Filipino Consumer Mindset Leans towards meaningful purchases as global study reveals
Nowadays,
businesses, being more globalized have evolved so much that in order to stay competitive
it will take more than a keen understanding of the forces that drive ideas,
products, and services from the unknown to the mainstream. Gone are the days
when business select target market and just be comfortable that it will take
off from there because the consumer needs it.
During
the presentation of the study by multinational communications firm Havas Group held
at Sentro 1771 last August 14, 2018, on the Filipinos’ changing attitudes and
behaviors when it comes to choosing organizations, companies and products - I’ve
learned about the PROSUMERS.
Did
you know that there are forces in the market that can influence the buying
attitude? 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 Havas Group.
At
the presentation of Havas Ortega’s Head of Data & Analytics Phil Tiongson,
he shared the local highlights of the global research of The MEaningful Shift giving
the emphasis on Emerging Shifts in Filipino Consumption Mindsets.
This
latest Prosumer Report surveyed 12,168 men and women across different age
groups in 32 countries in 2017. The Philippines, with 231 respondents, has been
included in the worldwide study since 2016.
Key
results for Philippines setting showed that 93% of Filipino prosumers today
believe in their responsibility; 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.
Further
results also showed that 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."
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