Pandemic transformed Pinoys into money, earth savers: study

The pandemic has turned Filipinos into money and earth savers, results of the Impact of Covid on the Customer survey conducted by Synergy Market Research + Strategic Consultancy.

The Synergy-initiated studies, which had respondents aged 18 and above, were conducted through a series of regular online surveys via YouGov panel from July 2020 to December 2021.

The study showed majority of the respondents are planning to save any windfall and a significant number are planning to invest in these further.

As much as 61 percent say they have started to increase their savings in May-June 2020, with the numbers decreasing slightly to 58 percent by March 2021.

E-wallet ownership incidence is highly noticeable now, with 70 percent saying that they have accounts downloaded on their mobile phones.

About 21 percent said they are engaged in cryptocurrencies – a new area for investing – with 47 percent believing that cryptocurrencies are the future of online financial transactions. In contrast, 21 percent say they have insurance investments.

“Our key insight is that given the financial shock experienced at the onset of the pandemic, the new customer is now more financially-attuned, possibly realizing the importance of ‘saving for a rainy day’ and looking into modern ways in investing/saving, financial platform usage,” said Germaine Reyes, Synergy founder and chief executive officer.

Another significant finding of the study is that the green movement has gained more traction during the pandemic situation.

Seven in 10 are willing to pay more for environment- friendly products (66 percent).

Majority are expecting companies to not just provide charitable practices but to look into the sustainability in their operations such as having an environment-friendly supply chain.

They are also looking for companies with future-proof businesses in case another global event happens.

“Consumers are now more attuned with sustainability ideas. This may become an imperative for marketing efforts – a differentiator – as consumers may start ‘asking for this’ and businesses aligned with consumer ideas/values, win,” Reyes said.

The study found employees have a preference for the work-from-home set-up even after COVID situation is over. Most would agree to a hybrid set-up, and a third still prefer to go to their workplace, either a personal preference or in a position/role that requires them to do so.

Females in the mid-income bracket are more in favor of going hybrid.

“Perhaps this is a solution that companies need to heed so we don’t succumb to the ‘great resignation’ happening in other markets.“ Reyes said. – Irma Isip