Lunar New Year
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Microinsurance Philippines  | 60% of Asians will spend additional funds to celebrate the Lunar New Year | The survey has shown that the festive traditions in Vietnam are especially strong. While the total share of respondents who plan additional costs for the New Year is 61%, in Vietnam it amounts to 80%. Meanwhile, in Indonesia and the Philippines, 52% and 54% respectively are ready to spend extra money for this purpose. 

Similarly, the share of people who are going to increase their festive spending this year is the highest in Vietnam – 55%. At the same time, 25% of Filipinos and 16% of Indonesians have such intentions.

The group’s analysts explain that the level of New Year’s expenses in 2021 has increased compared to the previous year, due to the underconsumption resulting from the pandemic. Such an underconsumption makes people want to compensate for it with positive emotions. A gradual improvement in the economic environment also influences the festive mood and the level of spending. 

Interestingly, in 2021, 58% of the surveyed Asians plan to apply for additional funds with the help of online financing tools. The Vietnamese are heading the trend again: as many as 89% of respondents from this country are willing to borrow money to celebrate holidays. In the Philippines and Indonesia, this figure was 53% and 37%, respectively. Such data suggests that online financing amid the challenging COVID-19 environment becomes a reliable means of maintaining New Year’s traditions.

About:Robocash Group is a group of companies, which provides fintech services in Asia and Europe. Founded by entrepreneur Sergey Sedov in 2013, the group focuses on alternative consumer lending and marketplace funding. All products of the group are built completely in-house using artificial intelligence, machine learning and data-driven technologies to provide precise and comprehensive risk management, comfort and speed for customers and efficiency for business. For the time of operation, the group has gained more than 12 million customers and provided financing in the mount of 900 million USD.