OFWs, the growing and lucrative market

OFWs, the growing and lucrative market

The OFW market, generally, a large market where consumer product, remittance and financial institutions have an opportunity to expand its service of offering and increase revenues. Filipinos represent the  third biggest migrant worker population in the world. The number of OFWs worldwide was estimated to be around 11 million in 2006, and growing, and remittances totaling US$ 12.7 million, accounting for more than thirteen percent of the GNP. I consumer spending and investments in real state and new businesses, the contribution of the overseas Filipino is included, the total GNP may amount to thirty percent.

Migration : Annual departures1975-2006

Of the many market segments in the Philippines, the overseas Filipino workers (OFW) segment appears to have a magnetic appeal, attracting companies from different types of industries from banking to real state to cars. There is no denying the fact that the OFW market is rapidly growing. Demand for jobs oversdeas has been increasing, currently with more employment opportubities for professionals. Given this, the salary range of OFWs has likewise broadened compared with with a rfew years back. However, targeting the OFW segment has its challenges. As with targeting any market segment, one has to carefully understand the target – wherte they come from, where they are, their salary range, and many other details to draw a good profile of the market. The added challenge of this usual market profiling, however, is the characteristics unique to overseas Filipinos which companies have to consider. Overseas Filipinosv are exposed to different market practices in the countries they are located, thus approaches would also have to be tailored to fit this differences.  

 

Main OFW destinations 

Todate, there are several study groups analyzing this new market which could furnish informations specializing in competitive intelligence, brand and communication research, market segmentation and positioning, and new product development into the OFW market, delivering insight and information on how to tap this growing and lucrative market.

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