📷Sari-sari store | Wikipedia
Filipinos are finding ways to get creative in managing their daily budget for food and essential needs amid soaring prices, a recent consumer study showed.
The latest Sari IQ Report by Packworks showed that the average spending per market or store visit decreased to P702 in 2024, compared to P788 in 2023 and P809 in 2022.
On average, people’s purchases reflect a steady decline in spending over time as the country’s inflation rate rose for the second straight month to 2.5% in November 2024 from the 2.3% recorded in October 2024.
Meanwhile, sales of seasoning mix items increased by 80 percent this year compared to the previous year, with recipe mix sales rising by 72 percent.
The report also revealed that seasoning mix was sold in 69 percent more sari-sari stores, while recipe mix reached 79 percent more locations.
The startup, which offers a business-to-business (B2B) open platform for sari-sari stores, stated that these trends highlight the resourcefulness of Filipino households, who are maximizing their budgets by purchasing affordable additives to enhance cheaper ingredients from wet markets.
It mentioned that, as prices keep rising, many Filipinos are finding ways to stretch their money further.
“These trends reflect the resourcefulness of Filipino households, who are stretching their budgets by buying cost-effective additives to enhance cheaper ingredients sourced from wet markets. As prices continue to rise, many Filipinos find ways to make their money go further,” said Andoy Montiel, Packworks chief data officer.
“The resilience of Filipinos shines through in the way they adapt their purchasing habits to make ends meet. These insights highlight not only the shifting preferences of sari-sari store customers but also their enduring ingenuity in navigating economic challenges,” Montiel added. (TCSP)
