4 in 5 Filipinos are Planning to Start a Small Business in the Next 18 Months – Herbalife Survey

-

 


Most entrepreneurs in Philippines (86%) consider Direct Selling as a potential business option

MANILA, Philippines – Herbalife, a premier health and wellness company and community, today released findings from its Asia Pacific Business of Wellness Survey, which revealed that despite concerns about the current state of the economy, more than four in five (81%) aspiring entrepreneurs in Philippines plan to start a small business in the next 18 months. In addition, there is positive sentiment for entrepreneurship with 89% of respondents expressing optimism about entrepreneurial pursuits in the coming months.

The survey also revealed opportunities in the health and wellness sector as seen from both a consumer and business potential perspective:

·         Over half (57%) of Filipino respondents say they plan to increase spending in the health and wellness sector this year.

·         Aspiring entrepreneurs ranked health and wellness as the fourth (16%) most attractive industry to start a business in, after the food and beverage (66%), retail (41%) and technology (21%) industries.


Commissioned by Herbalife and conducted by Talker Research in June 2024, the survey looked at entrepreneurial ambitions and opportunities as well as health and wellness spending trends in Asia Pacific (APAC). It polled 8,000 respondents in 11 countries - Australia, Hong Kong, Indonesia, Japan, Korea, Malaysia, Philippines, Singapore, Taiwan, Thailand, and Vietnam.

"We see a fundamental optimism for small business ownership in Philippines with 94% respondents owns or aspire to kick off own business, and among the aspiring business owners in Philippines, 86% would consider Direct Selling as a potential business option," said Director & General Manager of Herbalife Philippines, Allan Domingo.

“At Herbalife, we’re excited to support aspiring entrepreneurs. As a health and wellness company built on entrepreneurship, we aim to equips entrepreneurs with the right knowledge, expertise and scalable business model.”

2024 Business Environment

While the economy has affected businesses’ ability to pay off debts and led to increased costs and a change in products and services offered, 81% of entrepreneurs surveyed in Philippines expect their business to be stronger in 2024 compared to the year before. The top three challenges faced by current business owners in the Philippines are the ability to make money with inflation rising (40%), staying afloat requires more hours than they can work (25%) and not earning enough money (25%).

Health and Wellness Opportunity

In Philippines, spending for health and wellness products and services is on the rise. According to the survey findings, over half (57%) of respondents who spend on health and wellness products plan to increase spending on health and wellness in 2024, with two in three (65%) among them planning to raise their expenditure by 25% or more.

Among respondents who plan to increase spending in health and wellness, the top two categories they intend to spend on are supplements (72%) and personal training (31%).

Preferred Business Engagement Tactic

With a diversity of business models and engagement channels available for aspiring entrepreneurs today, the survey revealed that openness towards direct selling was highest among Gen Zs (70%) and Millennials (65%) age groups. Direct selling was also view positively by aspiring business owners in Indonesia (91%), Philippines (86%), Vietnam (87%), Thailand (77%) and Malaysia (62%).


Comments

Post a Comment

Popular posts from this blog

CINEMA LINES NATIONWIDE ALIGN WITH “THE FAULT IN OUR STARS” WHEN IT OPENS JUNE 5 IN THE PHILIPPINES

-
Image
The phenomenal young-adult tome “The Fault In Our Stars” penned by John Green is brought to life on the big screen produced by blockbuster producer Wyck Godfrey (“Twilight” films) and directed by Josh Boone (“Stuck In Love”). Written for the screen by the creative minds of Scott Neustadter and Michael H. Weber (“500 Days of Summer,” Shakespeare’s “Romeo and Juliet”), “The Fault In Our Stars” features two of today’s most followed young actors – Shailene Woodley and Ansel Elgort as extraordinary teenagers who fatefully meet and takes their love on an unforgettable and exhilarating journey into infinity. Hazel Grace Lancaster (Shailene Woodley) is sixteen years old. She alternately loves and tolerates her sometimes over-doting parents. Hazel has developed a crushon a young man, Gus Waters (Ansel Elgort), who seems equally smitten with her. As they grow closer, Hazel and Gus share their fears that accompany their health issues, as well as their love of books, including Hazel’s touchs...
Read more

Earthday Jam 2024 Rocks for Mother Earth

-
Image
  Last April 27, 2024 Earthday Jam foundation mark its 24th Earthday Jam Outing with an earthshaking after noon. Jam at SM Novaliches on April 27, Saturday from 3pm to 7pm. After the pandemic, the Foundation diversified its Earth day Celebration with other momentous activities like Tree planting. Orphanages and Youth Center tour  Art, music and film for Earth campaigns.  But due to relentless yearning for the earth Jam community this years celebration will be another music 'jam' supported by the local Government of Quezon City.. EARTHDAY Jam 2024 is ready to face the live scene again! Super Thanks to support of the local Government of Quezon City in association with SM Novaliches with our lifelong partners. First gen Corporation, Lifebank Corporation DENR. Like us on Facebook:https://www.Facebook.com/ EarthdayJamFoundation/  Youtube channel @theofficialearthdayjamchannel. As the day and time come for the day , here's the list of  person and singers in alphabetic...
Read more

The secret of the top Korean celebrities and US Hollywood Celebrities for having a Youthful Skin , and Flavor enhancement

-
Image
Last Wednesday June 14, 2017 Mr. Youn Soo Kim, President and Inventor of MISSO SO2 seed extractor visit the Philippines with Breville Phils. while boasting that having the seed oils that can now be extracted at home, that can be directly applied in the skin, drinking 2 table spoon per day , and  can be directly used as spice for foods and as condiments for every kind of viands we may served. YS Kim had a vision back in 1999, he noticed that most oils in the supermarket are chemically processed. “I came up with the idea of extracting your own oil at home.” Hence, he developed the 100% natural oil extractor which extracts the oil from tiny seeds of chia, flax, evening primrose and other superseeds available in the market. It took him 18 years to develop the s2o wonder extractor and finally last December, it was launched in Korea.  During the modern-day era, beauties there were royalties like princess and queens. Nefertiti and Cleopatra, the ancient epitomes of b...
Read more