Food consumption in the Philippines has been resilient during the pandemic, with consumers buying more per market trip to maximize the goods purchased during their shopping trips, a Century Pacific Food official said.
“In terms of basket size, consumers buy a lot more here compared to pre-pandemic,” Century Pacific Food Inc. Executive Vice President and Chief Operations Officer Gregory H. Banzon said at an event organized by Security Bank. The company sells its products internationally.
“(Consumers in other countries) are stocking up and buying more for emergencies, but their consumption patterns seem to be more predictable and stable. (In the Philippines), we tend to be more indulgent.”
While consumers in many countries are cooking more at home during the lockdown, Philippine consumers prefer to create «dining experiences,» sharing meals with family members.
Century Pacific Food posted a net profit of P3.9 billion in 2020, up 24% on strong demand for its marine, meat, and milk branded products.
Mr. Banzon said the surge in demand last year has tapered off over the last few months, but the company continues to be optimistic about strong demand from the country’s large population.
“The vaccine rollout is a key and important element in making this happen,” he said. — Jenina P. Ibañez