Bangko Sentral ng Pilipinas: Consumer Pessimism Eased in First Quarter
Jayson 15 Apr 2024 12:21
A survey by the Bangko Sentral ng Pilipinas (BSP) showed that consumer pessimism eased in the first quarter on expectations of improved income and employment.
The Bangko Sentral ng Pilipinas Consumer Confidence Index (CI) fell 10.9% in the first quarter, an improvement from the 19% contraction in the previous quarter.
"Consumers" improved income outlook for the first quarter of 2024 is driven by their expectations for more and higher incomes, more jobs and permanent employment opportunities," said Redentor Paolo M. Alegre, Jr., senior director of the BSP Economic Statistics Division. , and adding working family members.”
The country's unemployment rate fell to 3.5% in February, the latest data from the local statistics department, a two-month low.
BSP data also showed that consumer sentiment on big-ticket purchases became less pessimistic in the first quarter, with the index rising from -71.3% to -62.6%. Consumers will also become less hesitant to make big-ticket purchases over the next 12 months.
Household loans and savings increased.
The survey showed 24.9% of households had used a loan in the past 12 months, up slightly from 22.9% in the fourth quarter. The share of households with savings also rose from 29.1% to 33.5%.
However, M. Alegre said that consumer confidence became less optimistic in the second quarter.
The index was still at 2.7%, but down from 5.6% in the fourth quarter.
This is due to expectations of "faster rises in commodity prices, fewer jobs and lower incomes."
The Bangko Sentral ng Pilipinas Consumer Confidence Index (CI) fell 10.9% in the first quarter, an improvement from the 19% contraction in the previous quarter.
"Consumers" improved income outlook for the first quarter of 2024 is driven by their expectations for more and higher incomes, more jobs and permanent employment opportunities," said Redentor Paolo M. Alegre, Jr., senior director of the BSP Economic Statistics Division. , and adding working family members.”
The country's unemployment rate fell to 3.5% in February, the latest data from the local statistics department, a two-month low.
BSP data also showed that consumer sentiment on big-ticket purchases became less pessimistic in the first quarter, with the index rising from -71.3% to -62.6%. Consumers will also become less hesitant to make big-ticket purchases over the next 12 months.
Household loans and savings increased.
The survey showed 24.9% of households had used a loan in the past 12 months, up slightly from 22.9% in the fourth quarter. The share of households with savings also rose from 29.1% to 33.5%.
However, M. Alegre said that consumer confidence became less optimistic in the second quarter.
The index was still at 2.7%, but down from 5.6% in the fourth quarter.
This is due to expectations of "faster rises in commodity prices, fewer jobs and lower incomes."
