Financial constraints remain the main concern of Filipino consumers, according to Synergy Marketing Research + Strategic Consultancy (Synergy), the exclusive Philippine partner of market research firm YouGov.
Synergy recently hosted Market (In)Sights at the Makati Diamond Residences with the theme, “Beyond the Shift: Strategic Insights for Growth in the Conscious Consumer Era”.
Synergy president and chief executive Germaine Reyes said that amid the continuous hike in prices of goods and services, nine in 10 Filipinos practice underconsumption activities through conscious and mindful spending or living the frugal minimalist lifestyle.
“Underconsumption is not just about spending less. But also spending for something durable and maximizing usage,” Reyes said.
She said a new challenge is the current age of disconnection. “To illustrate, 54 percent are already current digital dieters, detoxers and 30 percent will be detoxing or considering to detox/diet in the future. Demographically-speaking, they are the Gen Zs,” Reyes said.
She said Gen Zs usually watch videos on social media, check mails or do work related tasks but do take intentional breaks from their digital devices several times a day.
GenZs are more into looking for meaningful online activities, Millennials are into investing and GenXers and Baby Boomers look for lifestyle and self-enhancement activities, she said.
Given the digital dieting trend, brands can still promote trust and engagement and still connect with their market while ‘disconnected’, by offering awareness campaign using personal interaction such as fitness or food events, workshops, and other outdoor or experiential activities.
Reyes said there is an untapped voice for inclusive progress called the ‘Silver Market’, a significant segment with high investable assets and ‘sexy’ for marketing given their new lease in life.
They have amazing selectivity plans and diverse interests, are socially responsible and they belong to the 55 years old and above age bracket.
Comprising 19 percent of the Philippine population, they could be the gold mine for sustainability. They prefer first-person purchases. Therefore, the use of traditional media like printed newspapers and magazines are still highly relevant for them, she said.
At the other end of the spectrum is the Alpha Gen, or the so-called future decision makers and influencers who are into social media and online activities but may not yet be into digital detoxing.
They are also on entertainment activities and not just products and services. But the desires and worries of their parents show that they want them to be safe, healthy, in many aspects–mentally, physically, learned, financially capable, responsible, and for them to be socially and environmentally aware.
Reyes said for brands to navigate in this conscious market, there has to be trust, as it is every consumer’s key factor in purchase decisions. “Brand trust is a marketing currency. Consumers are willing to pay more for a trusted brand,” Reyes said.
