The economic indicator that gauges the way consumers interpret the current economic environment and expectations is called consumer confidence.
In the first quarter of 2019, it was reported that consumer confidence has improved according to the quarterly Consumer Expectations Survey (CES) of the Bangko Sentral ng Pilipinas. This was observed across three indicators, namely: family financial situation, household income, and the country’s economic condition. This positive outlook was mainly due to the improvement of peace and order, growth in terms of job availability, and expected increase/high income.
The increase in consumer confidence will support the growing demand for the retail sector in the Philippines. With this, the demand for retail spaces is also on the rise. Metro Cebu has seen a growth in the retail gross leasable area (GLA) by 45% since 2014 as a result of the continuous expansion of the BPO industry in the city. The influx of employed professionals that live and work within the metropolis also contributes to the demand.
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