The survey conducted by analysts of Robocash Group found that the Lunar New Year significantly affects the population’s consumption rate in the Philippines. 49% of the survey respondents claim their expenses increase during the holiday season.
Over half of the Filipino respondents acknowledge the significance of the holiday. Additional spending during the festive period is attributed mainly to big personal or family purchases (35%), festive food (19%), presents (10%) and travel (8%). Only 11% of the respondents claim to not experience any additional spending need.
Recognizing the demand to spend more during a holiday, 26% are willing to work extra. For another 18%, borrowing is the main way to close additional financial gaps, which is significant considering the general context. In other words, one in five Filipinos borrows money for a holiday.
The usage of digital technologies increases as well during the festive season. Additionally, a notable growing trend can be seen in delivery services (11%), as well as digital credit and loans (8.5%, which confirms the conclusion laid out earlier).
The Group’s analysts explain that the main reason for this is that most shops, services and offices suspend their activity during holidays. Moreover, due to geographic disunity, the Filipinos show a national predisposition towards using digital technologies. Lengthy holiday periods temporarily reduce the population’s income, while simultaneously encouraging spending and making people rely more on borrowed funds.
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