Sorry, no results were found for

Our *Budol* Shopping Culture Is Helping Our Economy

Every add to cart is helping the country.
Add To Cart to help our economy
PHOTO: Shutterstock
Featured

Gen Z and young millennials are driving economic growth with their spending, the country's finance chief said as the new normal allows for a return to restaurant dining and shopping in brick-and-mortar stores.

Domestic consumption led by the youth remains to be the top contributor to economic growth, Finance Sec. Benjamin Diokno said over the weekend. Gross domestic product expanded by 8.3% in the first quarter of 2022, thanks to the easing of COVID-19 restrictions which allowed for higher consumer spending.

"The young population, they consume a lot. [Domestic consumption is] actually the major mover or source of growth, plus yung investment," said Secretary Diokno.

More young people joined the labor force in May based on data from the Philippine Statistics Authority, with youth employment increasing to 87.9%, higher than the 87.7% in April 2022.

Of the estimated 20.14 million Filipinos aged 15-24 years old, some 7.3 million are part of the labor force. This translates to a youth labor force participation rate of 36.2%, the finance department said.

Continue reading below ↓

"Ang biggest source of growth ng Pilipino ay consumption kasi we have a very young population, and they are mostly, they are consumers," Diokno said.

"If you are aging, yung demand mo hindi na masyado. Hindi ka na bumibili ng mga gadgets, hindi ka na nagtatayo ng bahay, hindi ka na bumibili ng bagong damit," he added.

MORE ONLINE SHOPPING FINDS:

We Seriously Want Heart Evangelista's *Affordable* White Sneakers

ICYMI, ‘Glazed Skin’ Is The ~*Sweet*~ Beauty Trend You Need To Try

Milk Tea Pillows Exist So You Can Have Sweet Dreams Every Night

You Might Want To Consider Getting This NSFW Pillow For Your Next Online Shopping Spree

Continue reading below ↓
Recommended Videos

Cosmopolitan Philippines is now on Quento! Click here to download the app and enjoy more articles and videos from Cosmo and your favorite websites!

EXPLORE COSMO