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1、EquityResearchAsiaPacific
2、PhilippinesPhilippinesMarketStrategyGroundZero:HowCOVID-19changedJuanStrategy
3、StrategyFigure1:SurveyresultshighlightalikelyshiftinconsumptionprioritiespostCovid-194759%17%22%53%45%48%40%40%Pre-PandemicIncomeAllocationResearchAnalystsHazelTanedoInvestmentsHea
4、lthandFitnessRent/MortgageClothingTravelEducationEntertainmentTakeoutFoodDineout0%20%40%60%80%5%39%32%23%6%26%43%26%52%12%21%15%32%45%21%46%35%18%15%22%39%24%46%39%14%28%49%20%29%46%22%2%1%1%3%3%100%InvestmeHealthandFitnessRent/MortgageClothingTravelEducationEntertainmentTakeoutFo
5、odDineout0%20%40%60%80%63288587757hazel.tanedo@credit-suisse.comJustinCimafranca63288587756justin.cimafranca@credit-suisse.comChescaBugia-Tenorio63288587752chesca.bugia-tenorio@credit-suisse.comDanieloPicacheLessthan10%10-25%25-50%Morethan50%Source:CreditSuisseproprietarysurveyLe
6、ssthan10%10-25%25-50%Morethan50%63288587758danielo.picache@credit-suisse.comVarunAhuja,CFAKeyobservationsfromourGroundZero’s“HowCOVID-19changedJuan”surveyshowthatconsumersaredramaticallyreducingmostoftheirdiscretionaryspending,whichwouldhavegraveconsequencesforsomeindustries,suchasre
7、staurants,apparel,footwear,andtravel.Asmanyconsumersareunderstay-at-home,theyarelikelytocontinuereducedspendingpatternsintheseandotherproductcategories.Intermsofbehaviorchanges,theriseinonlinebuying,specificallyforgroceries,isnoteworthy.Amongallagegroups,thereisalargesegmentofconsumer
8、swhotriedonlinegrocerybuyingforthefirsttimeinMarch,andmanywilllikelycontinuetobuygroceriesonline,atleastaslongasthepandemiccontinues.Anotherwayinwhichconsumerbehaviourhaschangedisintermsofstockpiling,andthebehaviouralshiftofbuyingmorenecessitiesjustincasetherewillbefuturelockdowns.Jua
9、nsremainoptimisticabouttheirfuture:73%expecttobebetteroffthreeyearsfromnow,andamere4%expecttobeworseoff.Optimismisstrongestamongthoseinhigher-tiercities,reflectingthedisparityineconomicvibrancyacrosstiers:asmanyas78%offamiliesinfirst-tiercitieshaveanoptimisticoutlook;thefigureislower,
10、albei
