Pinoys among Asia’s big concert spenders

Filipinos are among the most avid music concert patrons in Asia, indicated a recent survey that showed 38 percent of Filipino respondents have attended concerts over the past 12 months, both locally or overseas.

The Green Shoots Radar study of digital payments firm Visa showed Filipinos coming in the top five in Asia Pacific right after India (45 percent), Vietnam (41 percent), and Indonesia (40 percent).

Among these Filipino respondents who have traveled overseas to attend a music concert, 37 percent 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 which are consumers will continue to travel locally and abroad to attend live music concerts and the post-pandemic period has seen a resurgence in in-person live events, with people increasingly traveling to attend them.

The 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 and music shows and sporting events.

Consumer sentiment is also expected to remain positive in the Phillipines as 4 out of 10 consumers surveyed in Asia Pacific believe their domestic outlook will improve in a year.

About 50 percent of Filipino consumers who were surveyed have a positive outlook, compared to consumers in Vietnam (75 percent) and Indonesia (64 percent). Nearly half (47 percent) 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 percent.

Visa country manager Jeff Navarro 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," he said.

"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," Navarro added.

Owning car, life event

Buying a new car is the most common personal life event experienced across most markets in Asia Pacific, with 9 percent 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 percent.

Consumers are also expected to increase their personal savings.

Despite intending to spend more, many consumers surveyed are also setting aside more for savings. In the Philippines, 38 percent of respondents expect to put more effort in personal savings — slightly higher than the Asia Pacific regional average of 36 percent — and save up to 9 percent of their monthly income.