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%).
