Ideally, one of the best days of your life is when you’re able to acquire the things you want at the time when you’re physically capable to do it – nothing less; it’s the Pinoy working class or the ‘Yuppies’, short for young professionals. Businesses love this demographic of the Filipino market because they have money to spend and oftentimes the need for self-gratification.
Pinoy yuppies opt for convenience, efficiency and fun. They have their own set of choices of goods and products they patronize, with more money to spend and limited free time compared to other age groups.
What products Filipino yuppies spend mostly on? Here are the top 4!
A typical Filipino eats a lot – five times in one day – no wonder fast food is always an option when people from this group get hungry while rushing to work, while inside the office, and especially before going home after-office hours. In fact, rapid growth has seen in the fast-food industry in the past two decades. Fast food outlets offer cheap alternatives to fancy restaurants. Though there are said to be health risks like obesity, one can buy a complete meal for a budget of PHP100 or less. Seemingly cheap but of course, the consequence takes effect when you’re about to reach the payday with dog-eared bills.
Prepaid Load / Mobile Plan
It even kicks in when you go to public transportation terminals, malls, or practically anywhere where one has idle time. People’s heads are bowed, their thumbs in action, focused on their mobile phones. Indeed, Philippines is really the texting and social media capital of the world. This is especially with the rise of the Internet age, every yuppie owns a smartphone for instant messaging or surfing the web.
Working 40 hours a week means you need to get at least 20 hours for fun, where having fun means partying and spending time with friends in the company of alcohol. The alcohol industry is one of the most lucrative businesses in the country. Filipinos’ alcohol consumption increases 10 percent each year. Alcohol-drinking is a big part of how Filipinos celebrate – rich or poor, young or old – birthdays, fiestas, anniversaries, and other occasions. However, celebrations could also mean every Friday night to cap the week-long stress you had to endure. Yuppies choose to spend for alcohol even if the prices are around 100 percent more expensive in bars, not to worry as they have credit cards with them all the time.
The new generation of Filipino coffee lovers can define how the coffee culture is very much a part of their daily lives. Take it from the international coffee shops in the corners of the business districts in Makati, Ortigas, and BGC. Some prefer to go outside for a calm ambiance whether for their work. Some just need a relaxing atmosphere. A daily trip to a coffee shop costs around PHP 100 per day; around PHP500 per week and around PHP 2,000 per month, and PHP 24,000 a year – this could be considered as an impulsive purchase as such money solely for specialty coffee alone.
Are you one of the yuppies who have just gone for one of these purchases? Do you plan to change it?
With a goal to help Filipinos lead healthier financial lives, Moneymax regularly publishes tips and tricks on personal finance and lifestyle, among many other topics. For more finance-related news and articles, follow Moneymax on Linkedin.