Filipino concertgoers spend more overseas and in the Philippines: Visa data

by dotdailydose May 9, 2024, 11:09 PM 69 Views 27 Comments

Recent data from Visa, a global leader in digital payments, reveals that Filipino concertgoers who travel overseas exhibit higher spending power both abroad and domestically compared to non-concertgoers. This trend was uncovered through analysis by Visa Consulting & Analytics (VCA), Visa’s payments advisory arm, using VisaNet data^[1].

The trend is fueled by the numerous popular acts that have performed in Southeast Asia recently, attracting many Filipinos to travel overseas specifically for these concerts. Prior research indicates that Filipino concertgoers are among the top five in the Asia Pacific region for overseas concert travel. There is a resurgence in travel, with the same research indicating 65% of surveyed Filipinos planning overseas leisure travel in the next 12 months. The top three intended destinations include Japan (38%), South Korea (29%), and Singapore (16%).

A Filipino concertgoer is defined for this study as someone who has bought concert tickets from April to December 2023, and traveled overseas for concerts between January and March 2024. These individuals spend significantly more than non-concertgoers – with a concertgoer typically spending 58% more than a non-concertgoer – during their travels, with shopping being their primary expenditure. Luxury retail, apparel and accessories, and department stores are the top market segments.

In the Philippines, concertgoers, known for their higher disposable income, have a history of outspending non-concertgoers. Their expenditure is predominantly focused in Metro Manila, particularly in the City of Makati, which is home to a significant number of these concert enthusiasts. Majority of their spending goes towards international brand apparel and accessories, luxury retail, and quick service restaurants. Often, they spend double the amount compared to those who do not attend concerts.

Concertgoers, being more digitally connected and having more disposable income, are also more likely to shop online. This includes booking flights, shopping via platforms, department store purchases, food delivery, and insurance in the Philippines.

Jeff Navarro, Country Manager for Visa Philippines, emphasizes the importance of understanding the consumer behavior of this affluent concertgoer group. He said: “Visa’s data-driven insights help businesses connect with concertgoers and many other targeted audiences through our trend analyses. We are committed to ensuring Visa is the best way for Filipinos to pay and be paid, whether they’re traveling overseas or shopping at home. Visa aims to create a more enjoyable, seamless, and secure shopping experience.”