As reported by the Bangko Sentral ng Pilipinas' Business Expectations Survey (BES) and Consumer Expectations…
Consumer and business confidence Filipinos in the United Arab Emirates are at an all-time high.
In a national study given at Expo 2020 Dubai, Filipino consumers expressed post-pandemic optimism for the UAE’s (UAE) sustainable economic trajectory in the coming 12 months.
The Filipino Times, the Middle East and North African region’s largest news platform for Filipinos conducted a survey that included 2,612 Filipino respondents from across the emirates and focused on several key variables as a gauge to quantify Filipino expats’ consumer confidence.
It assessed consumer sentiment and spending power, as well as the commercial prospects of enterprises catering to or targeting Filipino consumers in the UAE, who are regarded as one of the most loyal and fast-growing groups of the population.
According to the survey, which was presented at the Dubai Chamber’s Global Business Forum-Asean at Expo 2020 Dubai, 96 percent of Filipino expatriates believe the UAE economy is in a stronger position to achieve further progress in 2022, owing to improved private sector performance since the pandemic.
89 percent of Filipino professionals expect a pay raise in 2022, thanks to the economic impact of Expo 2020 Dubai, substantial population growth, double-digit growth of new businesses, and the UAE’s leading immunization rate.
A third of them are paid more than AED10,000 each month.
The consumer market in the United Arab Emirates is the fastest expanding in the world.
Filipinos’ high levels of optimism are reflected in their spending habits, making them a lucrative consumer market that is rapidly expanding.
The poll highlighted the importance of evaluating consumer spending, which is directly linked to a stronger employment outlook, in an analysis.
While spending revitalizes enterprises, business recovery leads to a more positive job market and increased expenditure.
Filipinos are devoted to their favorite brands.
Almost eight out of ten Filipinos said they are willing to pay a greater premium for products from well-known companies.
Of this group, 39% are willing to spend on high-end devices, 26% on gourmet experiences, 24% on branded clothing, fashion items, and accessories, and 11% on cars and vehicles.
According to statistics, the average age of abroad Filipinos is in the “millennial” bracket, and they stand out for their technology use and embrace of digital life.
Dr. Karen Remo, the publisher of The Filipino Times and the chief executive officer and managing director of New Perspective Media Group, said, “Filipinos have become a prominent customer market for many local and international businesses in the UAE, being one of the country’s largest expatriate groups. More brands are enhancing their approach for acquiring this vital target market.”
“The upbeat business outlook is driven by the growing number of Filipinos, their increasing purchasing power, and the strengthening of UAE-Philippines ties, which fuel business expansions from Philippine-based companies, UAE-based Filipino entrepreneurs, and international firms targeting Filipinos,” Remo added.
Purchasing power boosted
Six out of ten respondents claimed they have personally witnessed a surge in promotions and marketing initiatives by local and multinational firms tailored exclusively to Filipinos, according to the study findings.
“This poll reveals that companies consider the Filipino market in the UAE as a target customer group willing to opt for a certain product or service,” said Vince Ang, vice president of Brand Engagement at New Perspective Media Group and general manager of The Filipino Times.
A new breed of entrepreneur has emerged.
With 94 percent of respondents claiming they have noticed more Filipino-owned firms in the UAE than five years ago, the UAE’s overflowing support for enterprises in the region has spurred a new wave of business-minded Filipinos to delve into entrepreneurship.
According to the Philippines’ Department of Trade and Industry, which cited data from the Dubai Chamber, there are currently 792 Filipino-owned enterprises in Dubai alone.
Meanwhile, 98 percent of respondents reported seeing more Filipino products on the shelves of their favorite supermarkets and grocery stores.