SPENDING priorities in the Asia-Pacific region will likely shift next year to more discretionary items, particularly goods, the Mastercard Economics Institute (MEI) said in a report. Consumer spending in the region will remain resilient, MEI said, with an easing of monetary policies likely to factor in how households allocate budgets. "Economies in Asean (Association of Southeast Asian Nations) and Oceania will enter their third year without pandemic restrictions in 2024," MEI noted. Grocery purchases were down for both, but spending on fuel was up about 1 percent, reflective of higher pump prices.As for discretionary spending, travel and entertainment were ahead of discretionary retail in both categories. That said, it is worth monitoring how households cope with a higher payment rate for outstanding debt..."

Source: Manila Times December 18, 2023 22:52 UTC