Margie Markland

More Filipinos are turning to side hustles to manage their financial needs, market research firm Kantar said citing the results of its latest study.

Photo Courtesy of ADB Blogs/Rest of World.

The annual study, which gathered input from 2,000 households across the Philippines from February to April 2024, showed 73% or seven out of 10 Filipinos reporting they were “managing” their family’s needs by taking on extra work.

“Despite the challenges, Filipinos who are managing are looking for means to extend their resources,” Laurice Obama, consumer and shopper insight director at Kantar Philippines, said in a statement.

“Our Shopperscope respondents who classify as managing reveal that they are adding an extra job on top of a regular one or are starting a business to augment their primary source of income,” she added.

Obana further noted this trend has led to the rise of a “hustle culture,” where Filipinos are working longer hours and sacrificing personal time to earn more money.

The same study revealed 19% of local households described themselves as “struggling” to stay afloat, citing job cuts or having less working hours, which in turn affected their take-home pay.

Meanwhile, the remaining 8% said they had a sense of “comfort” with their current economic situation.

‘Mindful’ spending

In terms of consumer behavior, Kantar said those who classified themselves as “managing” were focused on maximizing the value of their purchases, while those “struggling” had to cut back on spending for fast-moving consumer goods.

The study also found that 52% of the households expect their financial status to remain the same over the next 12 months, while 41% anticipate improvement, and 7% believe things will worsen.

“A key insight this year is the ongoing ‘hustle culture’ where Filipinos take a more proactive role in filling the financial needs of the family and this is at the expense of having less time for chores and other personal activities,” Obana said.

“Therefore, brands and retailers should be looking into how their products and services can help consumers live more efficiently while continuing to offer value,” she added.

Kantar’s Shopperscope study is done annually to provide businesses with insights into the financial behaviors of Filipino consumers to better tailor products and services to meet evolving demands.