Consumer confidence at record high, but outlook for next quarters “less optimistic”
Consumer confidence hit a new record high for the fourth quarter, a central bank survey said Friday, but the outlook for the next quarters is “less optimistic” due to higher prices of goods, lower income, unstable stock market, fewer investors and issues on extrajudicial killings.
In its consumer expectations survey released on Friday, the central bank rose to a new record of 9.2 percent from 7.5 percent during the third quarter. It is the second straight that consumer confidence registered a positive reading, the central bank said.
“The improvement in consumer outlook for the current quarter was generally observed across all income groups,” the central bank survey said. But the “high-income group was more upbeat on family finances and family income but less upbeat on the economic condition of the country.”
The reasons for the respondents’ optimism were improvements in peace and order, effective government policies, anticipated increase in salaries and availability of more jobs, the central bank survey said.
For the next quarters, consumers expect inflation and interest rates to increase and the exchange rate to depreciate. However, more respondents are hoping for opportunities to get jobs.
Households of overseas Filipino workers used their remittances for savings increased in the fourth quarter
The fourth quarter consumer expectations survey was done during October 3-14. Sample households reached 6,036, of which 3,098 (51.3 percent) were from the NCR while 2,938 ( 48.7 percent) were from areas outside the NCR. DMS
