Whether it is a reaction from the pandemic-induced boredom or sheer fandom duty, Filipinos stand out among the top 5 spenders on concerts in the Asia Pacific (APAC) region, comprising 38% of respondents in the latest study by Visa, a digital payments processing company.
The study indicates India leading with 45%, followed closely by Vietnam (41%) and Indonesia (40%). Visa saw that 37% of Filipino respondents travel abroad specifically to attend concerts, with South Korea and Singapore emerging as their favored destinations.
Visa’s Green Shoots Radar study, a quarterly report tracking consumer sentiments across financial services, commerce, travel, and more.
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Visa’s study expects this trend continuing in 2024, as evidenced the already announced schedule of concerts and live events. In the Philippines, gatherings for South Korean celebrity fan meets have become routine, prompting fans to readily spend to see their favorites in person.
“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,” said Jeff Navarro, country manager for the Philippines, Visa.
However, the study revealed that 38% of Filipino respondents, slightly above the APAC regional average of 36%, are consciously budgeting, allocating funds for savings, with an intended saving rate of up to 9% of their monthly income.
Optimism remains prevalent among half of the surveyed Filipinos regarding the domestic outlook, echoed by 56% expressing confidence in the opportune timing to make substantial household purchases.