Filipino Gen Zers were intent on spending more over the recent holiday season than in 2020, displaying the strongest inclination among other age groups, a nationwide study reveals.
According to a survey by Synergy Market Research, through its partner UK’s YouGov, an international research & data analytics company, 34 percent of Filipinos aged 25 and younger actively planned to spend more for 2021’s holiday celebrations compared to the previous year, which was higher than all the other age group’s total of 29 percent. The survey noted that Filipino Gen Zers were willing to spend not just for themselves but more for others, too, including food for family, relatives and guests, as well as for gifts and donations.
A total of 3,538 respondents nationwide participated in the survey, which was conducted on the first week of December 2021. Respondents are male and female, aged 18 years old and above from NCR, Luzon, Visayas and Mindanao. “[The] survey is representative of the online population in the Philippines, which is nearly 80 percent this 2021,” Germaine Reyes, Synergy’s president and CEO, said.
The study also broke down the young generation’s spending plans. Gen Zers were likely to spend more on clothes (31 percent) as compared to other age groups (24 percent). They also led in home décor (25 percent vs. 19 percent total PH); gadgets, devices (20 percent vs. 15 percent total PH); and appliances (19 percent vs. 15 percent total PH).
Meanwhile, the older generation appear to have been more cautious. About 53 percent of Gen X and 52 percent of Baby Boomers planned to spend much less/spend less in 2021 compared to the Philippine total of 44 percent. Reyes said that this may be attributed to them being the household head. “Given the financial shock that this pandemic brought about, they could be playing it safe as there are still uncertainties in the future.”
Reyes added that Synergy is conducting via YouGov another survey to better understand how Filipinos are planning to jumpstart their 2022, and to determine the differences across generations. To know more, contact email@example.com.