The Philippine Consumer Finance landscape saw big changes over the past three years, mostly out of necessity. In 2020-2021, Payment wallet operators such as GCash rose to prominence as mobility restrictions necessitated ways of making payments digitally. In 2022, revenge spending took over as pent- up consumer demand fueled consumption.
The question now is what happens next? Is the shift to digital permanent? Will the robust consumption growth in 2022 be sustained? How will consumers fund their increased expenditures?
In this article, NRI Manila’s Business Strategy Sector Head, Allan Jr Tripon, aim to answer these questions by (1) dissecting what the data says & (2) sharing the top themes that we think will dominate the industry for 2023.2023 Trends in Philippine Consumer Finance