Happy New Year !
Many people seem to be in dread of the new year and what it may bring. The raging financial crisis has given a lot of gloom and despair to many. Many investors and businessmen are at a quandary on what to do. I believe there are silver linings in the dark clouds, that will allow the Cebu economy to showcase its resiliency and innovation.
Local tourism will boost Cebu’s economy – Cebu is now rapidly becoming a complete destination. The opening in 2008 of The Northwing of SM, The Terraces of Ayala, Skyrides of Crown regency, Parkmall, and other smaller destinations has given a whole new reason to rediscover Cebu. The availability of very affordable airfares has given a reason for many Filipinos to travel more. One of the things going for Cebu is the wide variety of accommodations available, the opening of Sugbutel and its php250 per night rate just adds an exclamation point to this variety.
International Tourism will continue – Cebu is poised to take advantage of the political standoff that occurred in Thailand. The takeover of the international airport has given a lot of tourists pause and caused them to consider other destinations. Airfare promotions from the Philippines to other Asian countries will allow tourists to take advantage of the return backload to the Philippines. The key will be to make tourism more intuitive and innovative for the tourist. A great example of this is the Islands Banca Cruises of Jay Aldeguer. They took away a lot of the stress and the hassle of booking a banca allowing a more enjoyable and safer experience.
More Call Centers – There will be more call centers set up due to the US financial crisis and the terrorism incident that occurred in India. A lot of these call centers or BPOs will be smaller, often owned and run by former employees of larger companies. They will take advantage of the cut costs mantra of many US companies. The image of call centers being located in very high profile and expensive real estate may change very rapidly, with costs being a very real factor.
More SME and Small Entrepreneurs – There will be increasing demand for small franchises and other small business opportunities as returning OFWs will be looking to put up businesses to compensate for the lack of ideal local employment opportunities available.
New Market Definitions:
Luxury – Will not be defined by the market for many people but by personal perceptions and preferences. Many people will have new definitions for luxury being directly liked to their incomes and lifestyles.
Feedback – Consumers will be very demonstrative in feedback as they will immediately show with their wallet if their unsatisfied with the product or service. The emergence of blogs, chatrooms and forums will add tremendously to shaping opinions and preferences.
2009 will be a very interesting year. Consumers will be looking for more value and innovation to compensate for shrinking budgets and incomes. The times will allow businessmen who are very innovative to stand out in this economy. New definitions for luxury will allow many local brands to compete and to succeed. Tourism will be big this year. Many local tourist that normally travel abroad will be giving a hard look at Cebu as an alternative shopping, vacation and adventure destination. Asian tourists will be looking for budget destinations that will give the best bang for the buck.
I believe 2009 will be a year of opportunity. The key words to remember: Innovation and Resiliency. Words that have always been associated with Cebu.
Let’s follow the examples of these ordinary individuals as they strive to make a difference. Each week, lets all get together and share knowledge, stories, experiences, information, all for the sole purpose of getting One Step Up.
For comments, suggestions or stories that you want to share, email me at stirspecialist@gmail.com , or visit www.stirspecialist.blogspot.com