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.
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."
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