Consumer Behavior in the Philippines (Krishnan)
CONSUMER BEHAVIOR IN THE PHILIPPINES
Understanding the consumer attitudes and behavior is one of the key factors for an organization to successfully tap the business opportunities in the Philippines. This aspect is more crucial especially during crisis periods when there are number of changes in consumer attitudes and behaviors. The marketing managers and advertisers need to know and consider these changes while developing their promotional plans and media-mixes. In the short term, behavioral dimensions maybe even more important than lifestyle or brand attitudes.
Consumers in the Philippines react positively to industries like IT, Telecommunication, Pharmaceuticals and Cosmetics which meets their growing needs in IT, Aviation, Communication and Health sectors. The Filipinos tend to spend more on their needs in these product segments and less on material goods. In the recent years, there has been a cultural shift in the buying behavior of the consumers in the Philippines. Now, they are more inclined to spend on things which they need, unlike before, when they were more keen on increasing their savings. Hence adapting the product and pricing strategies accordingly so as to meet the needs of the consumers is crucial for any organization striving for growing its business in the Philippines.
There is a growing popularity of mid and premium brands of domestic electrical appliances among Filipino consumers. The demand is for highly innovative, stylish, health promoting and energy-efficient products. In the Philippines, mid-priced brands such as Electrolux, Sony, Panasonic, Samsung, and Philips maintain their strong foothold in the retail market. The scenario is different in the ‘Direct Sales’ segment. Among the domestic appliances promoted through direct sales, Filipinos prefer premium brands like Lux and Forbes because of the brand quality and reliable after sales service. This is a classic evidence of the behavioral change exhibited by the
Understanding the consumer attitudes and behavior is one of the key factors for an organization to successfully tap the business opportunities in the Philippines. This aspect is more crucial especially during crisis periods when there are number of changes in consumer attitudes and behaviors. The marketing managers and advertisers need to know and consider these changes while developing their promotional plans and media-mixes. In the short term, behavioral dimensions maybe even more important than lifestyle or brand attitudes.
Consumers in the Philippines react positively to industries like IT, Telecommunication, Pharmaceuticals and Cosmetics which meets their growing needs in IT, Aviation, Communication and Health sectors. The Filipinos tend to spend more on their needs in these product segments and less on material goods. In the recent years, there has been a cultural shift in the buying behavior of the consumers in the Philippines. Now, they are more inclined to spend on things which they need, unlike before, when they were more keen on increasing their savings. Hence adapting the product and pricing strategies accordingly so as to meet the needs of the consumers is crucial for any organization striving for growing its business in the Philippines.
There is a growing popularity of mid and premium brands of domestic electrical appliances among Filipino consumers. The demand is for highly innovative, stylish, health promoting and energy-efficient products. In the Philippines, mid-priced brands such as Electrolux, Sony, Panasonic, Samsung, and Philips maintain their strong foothold in the retail market. The scenario is different in the ‘Direct Sales’ segment. Among the domestic appliances promoted through direct sales, Filipinos prefer premium brands like Lux and Forbes because of the brand quality and reliable after sales service. This is a classic evidence of the behavioral change exhibited by the