Instant Noodle Market: An Economic Indicator in the Philippines
INTRODUCTION
Background of the Study With the Philippines’ worsening economy, people are becoming more concerned with their expenditures and are shifting their consumption to cheaper alternatives. Such an alternative for food is instant because these instant noodles are not only tasty and filling, but also very cheap. These three qualities have made it very popular among consumers who are tightening their budget. This paper aims to show that the increasing popularity and sales of this instant noodles are directly related to the worsening condition of the Philippines’ economy. When consumers experience lower income and lower level of spending power they tend to substitute cheaper, lower quality goods for relatively more expensive, higher quality goods. In this light, instant noodles are becoming an indicator of the country’s economic performance. Additionally, this increased consumption of instant noodles brings about many health and economic implications.
Statement of the Problem In the current deteriorating state of the Philippine economy, instant noodles, because of their affordability and convenience, are slowly replacing traditional food staples and at the same time, becoming an economic indicator. In this research, the author focus on how instant noodles are gaining popularity in the Philippines in relation to this product’s characteristics and the influences of the economy and income per capita. The paper would also solve the following questions: how the consumption level of instant noodles is indicative of the country’s economic activity? What are the implications that the growing consumption of instant noodles may have on the Philippine economy and the health of the population?
Importance of the study More knowledge on this topic could prove useful to understanding how the instant noodle market could become an effective gauge of a country’s performance and the state of living. In addition, by delving into the subject, more
Background of the Study With the Philippines’ worsening economy, people are becoming more concerned with their expenditures and are shifting their consumption to cheaper alternatives. Such an alternative for food is instant because these instant noodles are not only tasty and filling, but also very cheap. These three qualities have made it very popular among consumers who are tightening their budget. This paper aims to show that the increasing popularity and sales of this instant noodles are directly related to the worsening condition of the Philippines’ economy. When consumers experience lower income and lower level of spending power they tend to substitute cheaper, lower quality goods for relatively more expensive, higher quality goods. In this light, instant noodles are becoming an indicator of the country’s economic performance. Additionally, this increased consumption of instant noodles brings about many health and economic implications.
Statement of the Problem In the current deteriorating state of the Philippine economy, instant noodles, because of their affordability and convenience, are slowly replacing traditional food staples and at the same time, becoming an economic indicator. In this research, the author focus on how instant noodles are gaining popularity in the Philippines in relation to this product’s characteristics and the influences of the economy and income per capita. The paper would also solve the following questions: how the consumption level of instant noodles is indicative of the country’s economic activity? What are the implications that the growing consumption of instant noodles may have on the Philippine economy and the health of the population?
Importance of the study More knowledge on this topic could prove useful to understanding how the instant noodle market could become an effective gauge of a country’s performance and the state of living. In addition, by delving into the subject, more