What do Filipino families really want?

According to the Boston Consulting Group, a management consulting firm, their recent study of 1,515 families across the country, representing 6,387 individuals (out of a total population of almost 117 million), showed that the top three priorities of Filipino families are financial security during health emergencies (70 percent), building a large savings fund (68 percent) and improvement of nutrition and food quality (64 percent).

- MARIANNE GO

Their study examines how Filipino households make decisions, allocate resources and navigate the tension between daily survival and long-term aspirations.

Their findings aim to help their business clients formulate a better approach to meet the consumer preferences of the Filipino family as a whole and not as separate individuals.

According to Julian Cua, managing director and partner at BCG Manila and coauthor of the report, “These aren’t just demographic categories, they are fundamentally different economic units with different needs, vulnerabilities, and different ways of making decisions. A product that works perfectly for DINKS can fall flat for a sandwich family juggling three generations. Yet most businesses treat all ‘consumers’ the same way.”

The study shows that across Filipino homes, decisions are collective, and that consulting each other is a form of care.

The report also highlighted the role of overseas Filipino workers, who are deeply engaged in household decisions since they are usually the major breadwinners, yet most business models overlook their role entirely.

The five takeaways of the report are: 1. The consumer is not an individual but a household coalition. 2. Health remains the household’s deepest vulnerability. 3. Aspirations are modest but symbolize dignity. 4. Household structures shape economics. And 5. Migration reshapes families without breaking them.

I was just a little disappointed that the BCG report opted not to tackle an interesting consumption-related issue that is inextricably linked to financial gain or loss, which is the aspect of gambling and the desire to get rich quick — arguably the ultimate weakness of Filipinos that has mired the country in poverty and corruption.