Last Thursday, 26 September, JV Villabroza of TNS Philippines shared with BCCP members and guests the latest consumer trends that are driving the local market.
“For about 60 years, Philippine GDP averaged to 4.571%” while that is not very promising in terms of long-term growth, “if we rely on the human ability to adapt and change, it can be very promising.” JV shared on the current state of the Philippine economy.
The Philippines has incurred stable economic growth in 6-7% in the past two years. And with a continuous stable increase in economic growth, the Philippines could move 27 paces up in the worldwide economic standings and end up as the 16th largest economy in the world by 2050.
JV focused the second half of his presentation on the latest consumer trends for 2013 which are Beauty, Hygiene & Health, the transition from communicating through mobile phones to social networking sites, convenience in drinks and food preparation and from acquiring products and services to investing in solutions and experiences.
He emphasized the importance of authenticity, which means that brands must be a constant light of good values, where promise meets delivery. Especially with the lower socio-economic classes which make up 89% of the population.
For companies, the challenge lies in disrupting the existing habits of consumers; to turn from an existing brand to their new one with minimal deliberation by appealing to emotion in order to reinforce the new behaviour.
BCCP members may acces JV's presentation in the Resources section of the website.
