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PH ranks second in consumer confidence poll

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The Philippines remains as one of the world’s most confident consumers in the last three months of 2013 but consumers remain relatively frugal despite their readiness to spend.With 118 index points, the country secured second place in Nielsen’s newest consumer confidence index recovering from three-point drop from the previous quarter.Despite declining four index points, Indonesia (120 index points) reported the highest consumer confidence index for the third consecutive quarter.While global consumer confidence averaged at 94 point in the third quarter, overall consumer confidence in Asia-Pacific dipped one index point regionally to 104.Filipinos willing to spend but prioritize savingAround 5 out of ten Filipinos said that the next 12 months is good time the things they want and need. After covering essential living expense, 32% are eager to buy new clothes while 28% are looking forward to pay off debtsGadgets is on their shopping lists as well as 29% of the respondents plan to buy technology products, followed by eager vacationers (25%)“This sends an encouraging message to many retailers as they get ready for the end-of-year holiday season—a period that involves high consumption on travel, gifts, new clothes and entertaining. “said Stuart Jamieson, managing director, Nielsen PhilippinesDespite the optimism, 67% of respondents said they prefer to put spare cash into savings after covering essential living expenses, which is higher than the global average of 52%.

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