AS the cost of living crisis continues to rise globally, consumers have drastically adjusted their spending behaviors, with the majority (53 percent) of global consumers 'holding back' on non-essential spending. Fifteen percent of consumers have stopped non-essential spending altogether, according to the 2023 PricewaterhouseCoopers (PwC) Global Consumer Insights Pulse Survey, which captured the views of 9,180 consumers across 25 territories.

The gloomy economic climate has triggered concerns around personal financial situations, where 67 percent of Filipino consumers report being 'extremely' or 'very concerned' with their situation. Seventy-six percent of Filipino consumers also say they expect to slash discretionary spending (compared to 73 percent of respondents in Asia-Pacific, and to 69 percent globally as a whole). Cutbacks impact some discretionary (non-essential) categories more sharply — for instance, half of Filipino consumers expect to spend less on travel.