How 'YUMmys' contribute to PH economy

Posted at 05/18/14 7:49 AM

MANILA, Philippines – Male professionals in their 20s who regularly spend on luxury items may soon be significant contributors to the Philippine economy, chartered financial analyst Gavin Lee said.

Lee said these young, urban males, or “YUMmys,” have the spending power that can influence business trends in the country, which eventually translates to sales growth and more job opportunities.

According to Lee, YUMmys are unmarried professionals between 25 to 35 years old who spend their income on luxurious items and services.

From ANC On The Money Facebook page

“These are the guys who take care of themselves, they go to salons, and get their eyebrows shaped. They go to nail spas, get facelifts, and of course, shop for clothes and bags,” Lee told ANC’s “On The Money.”

“It cuts across all professions. You could be a banker, a lawyer, or a doctor,” he added.

Lee said in the Philippines, YUMmys can be classified into three groups: those with earning power and excess money to buy goods; those who spend all earnings and probably has credit card debt; and those who come from a wealthy family.

He said YUMmy is the new term coined by a multinational bank to describe a segment formerly referred to as “metrosexuals.”

From ANC On The Money Facebook page

Clumping this group into a specific segment of society helps global brands produce items that fit the demographic.

A number of popular clothing brands have introduced lines specifically for men’s wear to target the YUMmys in recent years.

“In the past few years, the Philippines has seen a rise in luxury brands in high-end malls. This means, there is definitely a market for it,” Lee explained.

He noted that the “YUMmy lifestyle” opens up plenty of opportunities for clothing brands, services, and food establishments.

“When YUMmys dress the part, they also have places to go to…If you look at the big picture, it generates a lot of auxiliary businesses. From that perspective, it does help the economy,” said Lee.

He also said this segment can be a key driver for economic growth, similar to the business process outsourcing (BPO) industry and overseas Filipino worker (OFW) remittances, in the near future.

“In the next 3 to 5 years, the Asia-Pacific region is expected to become the biggest market for luxury brands,” he said.

“Being a YUMmy is not a negative thing. It’s just about a lifestyle that, at the end of the day, should not bury you under debt. If it makes you happy, go for it. Just make sure that you can sustain it,” added Lee.