Millennials are on the rise! Price is the most important factor affecting Filipino consumers’ purchases

Filipino millennials are the most likely to browse and compare prices online before making a purchase compared to other generations, a new survey shows .

A study commissioned by e-commerce rewards and discovery platform ShopBack titled “ How Covid-19 has impacted the way Filipinos shop” shows ↓

86% of millennials , or consumers born between 1981 and 1996 , say they typically spend 30 minutes to an hour and a half browsing pages looking for the best deal when shopping online .

In addition to this, nearly 90% of respondents compare the price of an item on different online marketplaces before hitting the checkout button , and about 72% of consumers also said that they only started comparing prices in 2020, spending an average of 50 minutes looking for the best value offer .

Meanwhile, the study showed that 92% of respondents preferred cheaper products and convenient payment methods and shopped on major e-commerce sites such as Hope , Lazada and Amazon .

However, 71.3% of people have also purchased from other online sites in the past year. They choose to shop on sites that offer more discounts , a wider product selection and exclusive brand promotions .

“Consumers tend to stick with the platforms where they frequently shop, but when prices are lower or specific products come into play , the choice becomes platform-agnostic , ” the report states.

The survey commissioned by ShopBack also noted that 73.1% of respondents spend more than an hour shopping online on average, with 15.3% spending up to five hours, and 79.8% tend to spend more time browsing online on promotional days .

The survey also pointed out that in addition to price, factors that influence the purchasing behavior of Filipino consumers include product quality and good reviews.

ShopBack Philippines Country Manager Prashant Kala said: “ The survey results show us that e-commerce acceptance has grown significantly over the past year . We expect e-commerce in the Philippines to continue to grow as Filipino shoppers discover the convenience and benefits of online shopping, and with it the rise of digital payment solutions.

Cross-border e-commerce market

the Philippines