Visa, a world leader in digital payments, has released its latest Green Shoots Radar study[1], a quarterly report tracking consumer sentiments across financial services, commerce, travel, and more. The latest data found that 38% of Filipino respondents have attended concerts over the past 12 months, both locally or overseas, coming in the top five in Asia Pacific right after India (45%), Vietnam (41%), and Indonesia (40%).
Interestingly, among these Filipino respondents who have travelled overseas to attend a music concert, 37% of them planned a trip specifically to attend this event. South Korea and Singapore emerged as the top destinations for these concert-goers.
The study outlines three key trends for 2024:
Trend 1: Consumers will continue to travel locally and abroad to attend live music concerts in 2024
The post-pandemic period has seen a resurgence in in-person live events, with people increasingly travelling to attend them. This trend is expected to persist in 2024, driven by popular acts performing in the region. Live music concerts are the most popular event type, followed by theatre/music shows and sporting events.
Trend 2: Consumer sentiment will remain positive in the Philippines
Four out of 10 consumers surveyed in Asia Pacific believe their domestic outlook will improve in a year. 50% of Filipino consumers who were surveyed have a positive outlook, compared to consumers in Vietnam (75%) and Indonesia (64%). Nearly half (47%) of surveyed consumers in the region believe now is a good time to buy big household items such as furniture, household appliances and electronic gadgets, with the Phillipines slightly ahead at 56%.
Buying a new car is the most common personal life event experienced across most markets in Asia Pacific, with 9% of Filipino consumers reporting so. Respondents also intend to spend more in the region in the next year, with half of Asia Pacific respondents planning to spend more, with those in the Philippines ranking higher than the regional average at 59%.
Trend 3: Consumers will increase their personal savings
Despite intending to spend more, many consumers surveyed are also setting aside more for savings. In the Philippines, 38% of respondents expect to put more effort in personal savings – slightly higher than the Asia Pacific regional average of 36% – and save up to 9% of their monthly income.
Jeff Navarro, Visa’s Country Manager for the Philippines, said: “The resurgence in travel and notably for live music events is a positive trend. Cards play a vital role in the consumer cross-border journey, providing a safe and secure way to purchase tickets with a seamless contactless payment experience. Consumers can also buy event merchandise, and support their travel and shopping needs with cards. At Visa, our purpose is to uplift everyone, everywhere, and we seek to remain salient in consumers’ lives – journeying with them through different life stages and events with relevant products and solutions.”
[1] The Green Shoots Radar survey was conducted online for 500 consumers in the Philippines from May to June 2023, with male and female respondents aged 18-65.
