A banking firm said that Filipinos nowadays consume goods and services that make daily life more convenient.
During a press conference last July 8, HSBC Philippines said that Filipinos have been using their purchasing power for dining, hotel accommodations and recreational activities. This was first observed last May when the HSBC Global Research believed that the country is inching towards an “upper-middle income” economy.
HSBC stands for Hong Kong and Shanghai Banking Corp. and is one of the largest banking and financial services organizations in the world.
“[The Philippines] is a very consumption-driven community. More people are embracing lifestyle, travel and dining,” HSBC wealth manager Kai Zhang said.
The bank’s multinational partner, Visa Philippines also agreed with this notion stating that Filipinos are entering a new phase of being affluent consumers.
“Despite continuous inflation, the Filipino consumer has gone beyond covering the bare essentials and is now spending on goods and services that make daily living more convenient, and perhaps more fun,” HSBC stated.
The Department of Tourism said that local travel expenditures grew by 72.3% in 2023 because “Filipinos love their own country”.
Additionally, dining expenses became a priority for most Asians.
“Spending on food is a top priority for Asians, with restaurants and food-related expenses ranking in the top three spend categories in seven out of eight markets,” HSBC said.
To keep up with the new consumer trend, HSBC and Visa launched the Live+ credit card, designed to support the lifestyle spending of Filipinos.
The bank said that Live+ cardholders will enjoy dining perks across Asia, including a 15% discount at selected restaurants along with cashback of up to 8% on dining, shopping, and entertainment categories.
The credit card also offers a 5% cashback feature on retail, department store, and online market shopping as well as on entertainment expenses such as cinemas and streaming subscriptions.
Those who wish to apply must be above 21 years old with an annual income of P500,000. Early applicants will then receive various welcome offers like food gift cards worth P6,000.
