Domestic Filipino spending peaks on 23 December, the day before Christmas Eve, according to new data from Visa.

During a press briefing on Wednesday, 17 December, at Discovery Primea in Makati, Josh Bosiños, Visa director and head of data science for the Philippines and Cambodia, presented 2024 insights from Visa Consulting and Analytics on Filipino holiday spending patterns.

“Visa's most valuable asset is the data. And from that data, we were able to gather insights on how Filipinos are really spending, behaving during this most festive season of our country. So this story is purely driven by card-present spending behavior of Filipinos,” Bosiños said, noting that the findings were based on 2024 data.

Bosiños said Filipinos begin shopping early, with spending steadily increasing throughout December. Visa data showed pronounced weekend spikes, culminating in a peak on December 23.

“Compared to 2023 of December versus 2024 of December, which is last year, there's an 8% growth in peak spending in December. So that means Filipinos are really spending a lot during December and it continues to grow every year,” he said.

For Filipinos traveling abroad during the holidays, spending patterns differ, with overseas expenditures peaking on December 29. This suggests sustained leisure and travel-related spending toward the end of international trips.

Household consumption remains a key driver of the Philippine economy. As of 2024, household spending accounts for about 76 percent of gross domestic product, supported by strong domestic demand and overseas Filipino worker remittances, which also tend to peak during the Christmas season.

“It is important to note that OFW remittances and conversion to pesos seasonally increase/accelerate, if not peak, in [the] 4Q especially during the Christmas holiday season towards the end of the year, especially within a week before Christmas to finance the surge, if not the peak, in holiday-related spending, a consistent pattern seen for many years/decades,” RCBC Chief Economist Michael Ricafort said.

Tourists and balikbayan visitors also drive holiday spending, particularly in major urban centers such as Makati and Parañaque. Visa data showed spending differences by nationality, with Americans spending more on lodging, while Canadians spend more on food and groceries.

Tourism accounted for 8.9 percent of GDP in 2024, with international tourism receipts reaching a record high.

Last month, Visa and the Department of Tourism formalized a partnership aimed at accelerating digital transformation in the tourism sector. The initiative seeks to expand digital payment adoption in key destinations, support micro, small, and medium enterprises, and strengthen data-driven tourism planning.

Visa said the data highlights the central role of consumption in sustaining the Philippine economy, particularly during the holidays.

“Christmas brings people together, and our data underscores the holidays’ enduring socio-cultural and economic significance to the country. For Visa, it’s important that we enable these personal journeys and experiences through payments that are fast, seamless, and secure, so that Filipinos and tourists alike can have meaningful celebrations anywhere across the country and abroad,” Visa Philippines Country Manager Jeffrey Navarro said.