Big increase in holiday spending on food, beverages seen

MANILA  -Filipinos are expected to spend more on food during this coming holiday season, with household expenses on fast moving consumer goods (FMCG) such as spreads, canned fruits, alcoholic beverages, noodles and pasta sauces expected to see a significant increase like last year.

This is according to global data, insights, and consulting company Kantar, which said that Filipinos are looking forward to and are optimistic about having a merry Christmas celebration this year despite pressures from inflation and other challenges.

“While the Christmas spirit is felt as early as September, Christmas spending in the FMCG segment typically starts in December when Filipinos receive additional disposable income through 13th month bonuses and other incentives,” said Kantar Philippines Worldpanel Division Account Director Nino Nierva.

Kantar said there was a spending uplift of 7 percent in the total FMCG segment during the height of the Christmas season last year — from December 2022 to January 2023 — compared to the non-Christmas months covering February to November.

This spending uplift translates to an additional P6 billion spent every month within the holiday period.

Specifically, Filipinos spent 11 percent more on food and 9 percent more on beverage categories during this holiday season.

Further, Kantar said they saw a 6 percent increase on spending for dairy products, which include all-purpose cream and condensed milk — key ingredients in making fruit salad, which has been a staple Christmas dessert in many Filipino households. INQ