Philippine Q2 Consumer Optimism Dips Over Economic Fears — BSP survey

Filipino consumers have a less favorable economic outlook for the second quarter of 2024, despite an uptick in confidence three months prior when the confidence index (CI) improved to -10.9%.

According to the latest consumer confidence survey of the Bangko Sentral ng Pilipinas, the decline in optimism for the second quarter and the rest of the year stems from concerns over rising prices, scarcer job opportunities, and diminished incomes.

The sentiment dipped to a CI of 2.7% for the second quarter 2024 from 5.6% previously. All income groups showed restrained optimism, particularly among middle- and high-income brackets.

This apprehension is also impacting consumer behavior, with low enthusiasm for purchasing big-ticket items showing only a slight improvement for the rest of the year, amid a cautious outlook on economic indicators like inflation, which is expected to breach the government's target, and employment.