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Fitch expects retail spending to strengthen

On the mend: Fitch researchers say local consumers are recovering from the COVID-19 knock and demand for electronics is on the rise 
PIC: PHATSIMO KAPENG
On the mend: Fitch researchers say local consumers are recovering from the COVID-19 knock and demand for electronics is on the rise PIC: PHATSIMO KAPENG

Researchers at credit rating agency, Fitch, have forecast a positive outlook for retail spending in the country, with consumers expected to steadily grow their purchases of consumer electronics such as mobile phones, laptops, and computers.

Fitch is forecasting an average annual growth rate of 13.2% in audio-visual, camera, and computer spending by local consumers over the 2022–2026 period. This will take spending from P2.2 billion this year, to P3.5 billion by 2026.

Similarly, household appliances will also experience strong medium-term growth, averaging 9.1 percent annually over the 2022–2026 period, according to the survey.


Editor's Comment
Consult, get buy-ins first for 6 to 6 policy, Hon Minister

While the minister is of the view that the proposal would have significant positive economic impact, the entertainment industry players believe otherwise. The issue has over the weeks become a hot potato. But what is of essence right now is that the country needs liberal ideas to move in the right direction While opening up the economy may sound quite interesting to the ear, rolling out extended trading hours through pilot programmes without...

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