Consumer Pulse Q1 2021

Prolonged financial impact:

Of respondents, 93% said their household income was negatively impacted by the pandemic, either currently or in the past. Currently, 65% of Filipino households report being negatively impacted, with 49% expecting to be impacted in the future. This concern is more apparent in younger consumers: 55% for Gen Z vs. 46% for Millennials and Gen X.

Rising concern regarding paying debts:

A significant 88% of currently impacted respondents are concerned about their ability to pay current bills/loans in full, and 48% said they’ll not be able to pay their bills in less than four weeks. Utilities (e.g., electricity, water, etc.) and personal loans are the top payment categories where respondents are unlikely to be able to pay.

Tapping into other sources and making reductions:

Respondents are more likely to use money from savings (47%), borrow money from personal networks (43%), or make partial payments (43%) to pay current bills and loans. To cope with the negative income impact, 48% of Filipinos say they’ll decrease discretionary personal spending (e.g., eating out, travel, entertainment, and large purchases like appliances and cars).

Credit Score Knowledge:

Nearly one-third of Filipinos are in the medium risk credit range (say their credit score is 750–789 – i.e. EE-FF) and nearly a third do not know their credit score.

Digital fraud schemes taking a toll:

Phishing and third-party seller scams on legitimate retail websites are the most common digital fraud schemes used against Filipino consumers. Among those who have been targeted, 40% said it was phishing and 31% third-party seller scams.