Who are the wealthy in the Philippines?
How much do they earn? What are their spending patterns?
Undoubtedly, the rich have great spending power compared to the middle and lower classes. [Learn how to create new markets here]
For entrepreneurs, it would be good to know more about this market and study their saving and spending patterns. [See how this \\\'promdi\\\' burger is fast becoming the top craving here]
Citing findings from the Family Income and Expenditures Survey of 2000, 2003 and 2006, the National Statistical Coordination Board said that for this year, to be counted in the high-income class, a family should earn at least P2.393 million a year or a monthly income of some P200,000. [Learn to manage your cash flow here]
However, the families that belong to the elite have been dwindling. In 2006, the rich numbered 19,738 families or 0.1 percent of the estimated 17.4 million families in the country from 0.3 percent in 2000 with 51,160 families and 0.2 percent in 25, 849 families in 2003. [Read about a family that found income source from teaching materials here]
The average monthly income of rich families in the Philippines amounted to P194,965 in 2006, a seven-percent improvement from P181, 504 in 2003 but still lower by eight percent than the level of P211,579 in 2000.
Despite the decrease in their incomes, however, the rich consistently hiked their average monthly spending from P78,475 in 2000 to P96,807 in 2003 and P114,035 in 2006. [Read about the more optimistic outlook of Filipino consumers here]
"In fact, from 2000 to 2006, the average monthly spending of all families regardless of income class, increased faster than their average income. It may be noticed however, that the increase in spending of the rich decelerated from 23 percent during the period 2000 to 2003 to 18 percent between 2003 and 2006," Romulo Virola, secretary-general of NSCB said.
Page 2: Income disparity