Americans rush to stock up on essentials, retailers scramble to keep up

NEW YORK - From Jersey City on the East Coast to Los Angeles on the West Coast, American shoppers picked grocery store shelves clean on products ranging from disinfectants to rice, causing retailers to race to restock their stores as the worsening coronavirus crisis stoked fears of shortages.

As shoppers swarmed stores, President Donald Trump on Friday afternoon declared a national emergency aimed at slowing the spread of the novel virus, which has killed at least 47 people in the United States.

Daily routines have been upended as businesses including Amazon.com urge employees to work from home, schools and universities close, and sporting events and church services are paused across the country. In response to the run on certain items, major retailers have imposed some purchase limits.

The chief executive of Walmart Inc, Doug McMillon, at a news conference with Trump on Friday, said the retailer was having trouble keeping up with demand for products like hand sanitizer Purell, cleaning supplies and paper goods.

"Hand sanitizer is going to be very difficult to have 100% in stock for some time," McMillon said. "We're still replenishing it... but as soon as it hits the stores it's going. The same thing is true for the other categories I mentioned."

In Hanover, New Jersey, about 40 customers had lined up to get into a Wegmans grocery store before it opened on Friday morning. A few hours later, shelves were stripped bare of sanitizing wipes, bulk rice and dried beans. The store posted signs announcing limits on the purchase of hand sanitizer and bottled water.

"An abundance of caution - semper paratus, like the Coast Guard motto that means 'always ready,'" shopper Marlene Russell, 69, told a reporter after packing groceries into her car.

At a Fairway Market on Manhattan's Upper West Side, shelves normally full of pasta, Oreo cookies, pasta sauce, crackers and toilet paper were depleted on Thursday evening. On the West Coast, grocery stores including Ralphs, Pavilions and Trader Joe's had sold out of products ranging from eggs to Lysol cleaning wipes.

RETAILERS REACT

Johnson & Johnson is accelerating production of over-the-counter pain killer Tylenol to ease any spot inventory crunches.

J&J, which also makes Listerine mouthwash, said it was shipping stocks of products in a controlled manner. It was increasing production of other consumer products to ensure retailers were well supplied, it said, adding it did not expect any shortages.

Pharmacy chain Walgreens Boots Alliance Inc and supermarket chain Kroger Co instituted purchase limits to stabilize inventory.

Kroger, the largest US grocery store operator, limited the number of cold, flu and sanitary products per visit, while Walgreens said it was limiting disinfectant wipes and cleaners, face masks, hand sanitizers, thermometers and gloves to 4 per customer.

John Terry, 33, went to a Whole Foods in Manhattan to pick up chicken and other items his wife was unable to get at grocery stores near their Jersey City home, in New Jersey across the Hudson River from Manhattan.

"It was insanity," he said about his local stores. "She went to Costco and there was a line down the block. At another one, the shelves were picked clean."

Phil Lempert, editor of SupermarketGuru, said labor shortages due to everything from school closures to illness could cause business disruptions that last several months.

"It's a lot more than stockpiling toilet paper or Purell. This is going to have implications on our food supply and supply chain for months to come," Lempert said. 

source: news.abs-cbn.com

Between Black Friday and Cyber Monday, Buy Nothing

MANILA -- Black Friday is 4 days away and thanks to online shopping, it’s no longer just consumers in the US that can enjoy deep discounts and irresistible deals on a wide range of merchandise.

Here in Asia, we even launched our own version of Black Friday and held it earlier with Singles Day last November 11. Online shopping sites Lazada, Shopee and Zalora all reported record-breaking sales thanks to Filipino consumers who find it nearly impossible to say no to buying items on sale.

This early, a quick scan on the internet shows shoppers will find it hard to resist what’s on offer. If you point your browser to BestBlackFriday.com, you can view the items that will go on sale from nearly all retailers beginning with giants Walmart, Target and Best Buy. I did and 2 hours quickly passed by as I drowned in all the bargains beautifully illustrated in the world wide web, 90 percent of which I don’t really need nor wanted until I started surfing.

And guess what? Some are even rolling in Black Friday early with online deals going live as early as 10 p.m. on Wednesday, November 21.

Before you park yourself in front of your computer, or tablet or phone, along with your credit card, why not stop and think if you should instead be a digital stranger for the next week?

KNOW THY ENEMY

Black Friday comes after Thanksgiving Day, the fourth Thursday of November, and kicks off the Christmas shopping season in the US Urban legend says the term was coined by retailers, as that’s the time of year when they begin to turn a profit, going from being "in the red" to being "in the black." In accounting terms, red means business loss while black means making money.

In the past, most of the shopping happens in stores, so marketing companies launched and coined the term Cyber Monday, for the Monday after Thanksgiving. Simply put, it’s the online equivalent to Black Friday and was a way for smaller retail websites to compete with larger chains. It’s become so successful that some skip Black Friday and hold out for Cyber Monday anticipating even better deals (plus the convenience of shopping in their pajamas).

BUY NOTHING DAY

Amusingly, between Black Friday and Cyber Monday, there is a quirky holiday called Buy Nothing Day. It’s not really a holiday, in case you think U.S. consumers are so pampered they are awarded a break between 2 major shopping events. Buy Nothing Day is a statement against the consumerism that takes over the whole country, and the rest of the world too thanks to digital shopping sites.

According to data from Adobe Digital Insights, which tracks 80 percent of online spending at 100 of the largest retail websites in the US, American shoppers spent a record $5 billion in 24 hours during Black Friday 2017! That’s a double-digit increase or 16.9 percent more compared with Black Friday 2016.

So the Buy Nothing statement actually makes for one smart advice when it comes to spending money during a sale. Just because something comes cheap does not mean you have to buy it. But if we can’t stop you from indulging, here are some tips to keep in mind to help you rein in your spending at any sale, not just on Singles Day, Black Friday or Cyber Monday.

1. NEVER SHOP HUNGRY. Not all shopping happens online, and if you are ready to brave the crowds, at least feed yourself first. Studies proved that hungry shoppers tend to buy more, and we are not just talking about food. According to Forbes.com, research from the University of Minnesota’s Carlson School of Management showed that an empty stomach amps up your desire to acquire things.

Because hunger makes you want to eat, you are thinking of seeking, acquiring and consuming food and these thoughts spill over even to non-food items. As a result, a hungry shopper will buy items they don’t even like or need, such as binder clips according to the documented study.

2. IF THE SHOES DON’T FIT, IT WON’T EVER FIT. Yes, it’s half the price but if it does not come in your size, let it go even at 70 percent off. Feet do not shrink and you owe it to your toes to get shoes that fit right and will let you walk comfortably.

As for that designer dress you want to add to your closet – and wow, now at half price – but it’s 2 sizes smaller, we offer the same advice: walk away. Even if you are confident you will lose 20 pounds next month, until you do, don’t bet with your hard-earned money.

3. KEEP YOUR COOL OR LOSE YOUR SHIRT. It’s just a sale, and you are not saving the world one purchase at a time so keep a level head. If you see items that your family or friends would like, you can decide to buy it as a gift but only if it’s within your gift budget. Do not volunteer to shop for others as that will add to your stress level (and lead to more shopping and spending).

One more reason to keep it cool? Crowds and long lines at the cashier are recipes for disaster. In the US, consumers are known to fight over merchandise, so tempers flare and they have escalated to violent attacks landing people in jail!

4. BETTER YET, RESIST AND LIVE TO SHOP ANOTHER DAY. While I like a good deal as much as the next person, I admit I avoid sales as a rule. Again, surveys show that people who shop during sales are more likely to overspend, as they will be exposed to items that are not on their list to buy, or lulled into thinking they need something just because it is cheap.

Even if you have a list, people shop sales with what they see and what items are on discount so expect to bust your budget. With inflation at its highest in nine years, your wallet should be feeling the pinch so missing the sale this year is probably a sound idea all around.

5... OR SUFFER THE CONSEQUENCES

But if you don’t have the willpower and did go to the sale, you can still save your budget. Say you went overboard and realized it the next day after the sale, or even the same day, try returning the items you know you won’t really need or use. If the price tags are all intact, and you have the official receipt, prepare to make your case with the store.

According to the Department of Trade and Industry, here in the Philippines, consumers can return items as long as there is a defect in the quality of goods or imperfection in the service, but not if you only changed your mind. However, some stores are willing to accommodate same day or next day return or refund, so no harm in trying. And if they turn you down, consider offering the items to people you know that may be interested. Explore anything that will make your budget return to black.

The holiday season tends to spur people into shopping frenzies as they go about buying gifts for family and friends. But sometimes, you can skip the shopping and look for gifts that will not hurt your budget and celebrate the meaning of the season. Why not make a donation to a charity and do it in the name of everyone in your Iist? That’s not only a win-win; it’s a win-win-win, for your wallet, for the people in your gift list and the people who will have a happier holiday thanks to you.

source: news.abs-cbn.com

US retail sales rebound, but consumer spending slowing

WASHINGTON -- US retail sales rebounded sharply in October as purchases of motor vehicles and building materials surged, but data for the prior 2 months was revised lower and the underlying trend suggested that consumer spending was probably slowing down.

Still, the report on Thursday from the Commerce Department showed broad gains in sales ahead of the holiday shopping season, which bodes well for consumer spending and the overall economy as the fourth quarter gets under way.

"This morning's release confirms our expectations of a strong holiday season," said Tim Quinlan, a senior economist at Wells Fargo Securities in Charlotte, North Carolina. "But, as the calendar flips to 2019, we expect a further moderation in spending, as the boost from tax cuts will start to fade for consumers."

Retail sales increased 0.8 percent last month. Retail sales in September slipped 0.1 percent instead of rising 0.1 percent and sales in August were also weaker than previously thought.

Economists polled by Reuters had forecast retail sales increasing 0.5 percent in October. Sales rose 4.6 percent from a year ago.

Excluding automobiles, gasoline, building materials and food services, retail sales increased 0.3 percent last month. These so-called core retail sales correspond most closely with the consumer spending component of gross domestic product.

Data for September was revised lower to show core retail sales rising 0.3 percent instead of gaining 0.5 percent as previously reported. Core retail sales fell 0.2 percent in August rather than being unchanged.

While that suggests some loss of momentum in consumer spending, which accounts for more than two-thirds of US economic activity, consumption is being supported by the Trump administration's $1.5 trillion tax cut package. Declining oil prices are seen aiding retail sales in the months ahead.

A robust labor market, marked by a 3.7 percent unemployment rate, is also underpinning spending. The lowest jobless rate in nearly 49 years is boosting wages, with annual wage growth recording its biggest increase in 9-1/2 years in October.

Jobs market strength was underscored by a separate report from the Labor Department on Thursday showing a marginal increase in the number of Americans filing for unemployment benefits last week.

Strong domestic demand and a tightening labor market support views that the Federal Reserve will increase interest rates in December for the fourth time this year. The US central bank last Thursday kept rates unchanged, but said data "indicates that the labor market has continued to strengthen and that economic activity has been rising at a strong rate."

"The backdrop of strong growth and subdued inflation should keep the Fed on track for continued gradual rate hikes through the first half of 2019," said Veronica Clark, an economist at Citigroup in New York.

The dollar was trading higher against a basket of currencies after Thursday's data, while US Treasury yields fell. Stocks on Wall Street were mixed.

BROAD GAINS

The retail sales pace, if sustained, could keep the economy on a solid growth path even as business investment is slowing, the trade deficit is expected to deteriorate further and the housing market continues to weaken.

The economy's strength was highlighted by higher-than-expected quarterly sales from Walmart on Thursday. The world's largest retailer raised its full-year outlook.

Though the Commerce Department said it could not isolate the impact of Hurricanes Florence and Michael on October's retail sales, the storms probably buoyed purchases of automobiles and building materials last month amid recovery efforts.

Auto sales jumped 1.1 percent last month after falling 0.1 percent in September. Sales at building material stores surged 1.0 percent in October.

There were also increases in sales at clothing stores, online retailers and service stations last month. Americans also spent more on hobbies and at bookstores, while cutting back on furniture purchases.

But spending at restaurants and bars slipped 0.2 percent, likely hurt by Michael, which soaked the Florida Panhandle in mid-October. Sales at restaurants and bars dropped 1.5 percent in September.

Other data on Thursday offered a mixed picture of the manufacturing sector in early November. The New York Fed said its Empire State general business conditions index rose to a reading of 23.3 this month from 21.1 in October.

A slight moderation in the new orders index was offset by strong increases in labor market measures.

Separately, a survey from the Philadelphia Fed showed a slowing in factory activity in the mid-Atlantic region this month, with its current general activity index tumbling to a reading of 12.9 from 22.2 in October amid a sharp slowdown in new orders.

Firms, however, remained upbeat about business conditions over the next 6 months. There was also a strong improvement in capital expenditure plans.

"The real risk to the outlook for manufacturers remains global trade risks," said Adam Ozimek, a senior economist at Moody's Analytics in West Chester, Pennsylvania. "If this can be avoided, demand should remain strong for manufacturers."

source: news.abs-cbn.com

10 years after the recession, Americans wake up to rising prices

NEW YORK - After years of low, low prices, fed by near-zero interest rates in a convalescing economy, Americans are waking up to costlier consumer living.

Everyday household staples like diapers, toothpaste, shampoo and dishwashing liquid -- not to mention soft drinks, cookies, chocolate, cat litter and autos -- have all started getting more expensive, a trend expected to continue early next year.

Announced by companies during the most recent earnings season, these price hikes have typically ranged from two percent to 10 percent. They also stand in stark contrast to the usually unending sales and promotions from major retailers like Walmart and Amazon.

The higher prices aim to pad revenues for companies like Apple, which has just raised sticker prices for its new MacBook Air laptops and iPads by 20 percent and 25 percent.

But for a growing number of businesses, they also represent a response to mounting transportation costs. A stronger US dollar is similarly cutting into foreign earnings -- while a tight labor supply is at last pushing up wages.

US auto giant General Motors upped the average price of its SUVs, crossovers and pickups by $800, something the company ties to rising costs for steel and aluminum -- commodities on which President Donald Trump slapped steep new import duties this year.

American manufacturers are now paying eight percent more for aluminum than they did a year ago and 38 percent more for steel as local producers increase their prices.

GREATER DEMAND THAN EVER

The 10 percent duties Trump imposed in September on $200 billion in Chinese goods are also a drag for importers.

Like GM, most businesses have tried to pass these costs on to consumers. Benno Dorer, chief executive at Clorox, told investors recently that "doing nothing at this point is not an option."

Half of the company's products will cost more next year.

For the moment, Americans are willing to pay more, with consumer confidence near record highs, businesses believe.

GDP is indeed expanding above trend and wages climbed nicely in October.

"You can only price where you have demand for your product and we have greater demand than ever," Delta Air Lines CEO Ed Bastian told investors on an earnings call.

Faced with a $2 billion jump in fuel prices over a year, the airline raised ticket prices and expects further increases for most flights.

Retailers and restaurants are also changing low-price policies to protect their margins because of rising trucking and labor costs. Goods transportation costs jumped seven percent in September, mainly due to a lack of truck drivers.

Fast food restaurant chain Chipotle Mexican Grill will charge four percent more for its burritos to help absorb a 27.2 percent jump in labor costs, according to Chief Financial Officer John Hartung.

Fearing a consumer backlash, some businesses are considering alternatives, like rerouting their supply chains to circumvent tariffs.

Shoe brand Steven Madden wants to shift up to half of its production toward other countries like Cambodia and is renegotiating other contracts.

"We are working with our suppliers in China to provide us with better pricing," chief executive Edward Rosenfeld told investors.

source: news.abs-cbn.com

California woman sues Walmart for 'segregated' black products

LOS ANGELES, United States - A Californian woman sued supermarket chain Walmart on Friday, accusing the company of implementing extra security measures on products marketed toward black people.

Essie Grundy, 43, says all beauty products marketed for black people are placed in a locked glass case, while cosmetics targeting other ethnicities are freely available at the Walmart near her Perris home, about an hour southeast of Los Angeles.

When she asked a shop employee why the products were under lock and key, Grundy was told it "was a directive from corporate headquarters," longtime women's rights attorney Gloria Allred told reporters.

The employee also told Grundy "she would need to be escorted to the cash register with the product so she could purchase it," Allred added.

When Grundy raised the issue with a store manager, she says she did not receive a clear response, and no action was taken.

Grundy says she also visited two other Walmarts close to her home, and in one cosmetics marketed for African Americans were freely available, but monitored with security surveillance, unlike other products.

"As a result of this discriminatory business practice and policy, we filed a lawsuit this morning against Walmart," Allred said, without specifying the damages being sought.

"It perpetuates a racial stereotytpe that African Americans are thieves."

The lawsuit demands an immediate stop to the practice -- noting the humiliation and psychological trauma Grundy was made to feel.

Grundy, a 43-year-old mother who owns an online clothing business, returned to the shop after the initial incident and filmed the beauty department.

The video was played during the press conference -- showing men's and women's shampoos, body creams and combs of little retail value among other products with labels featuring black models, all arranged in a locked glass case.

"We do not tolerate discrimination of any kind at Walmart. We serve more than 140 million customers weekly, crossing all demographics," the retail giant told AFP in a statement.

"Some products such as electronics, automotive, cosmetics and other personal care products are subject to additional security," which Walmart said individual stores determined "using data."

The issue of Walmart securing beauty products marketed toward black people has already been a topic of controversy in the US -- most notably in Virginia, where the practice was denounced by the United Food and Commercial Workers International Union.

source: news.abs-cbn.com

Amazon opens grocery store of the future

SEATTLE - Amazon.com Inc open to the public on Monday its checkout-free grocery store after more than a year of testing, moving forward on an experiment that could dramatically alter brick-and-mortar retail.

The Seattle store, known as Amazon Go, relies on cameras and sensors to track what shoppers remove from the shelves, and what they put back. Cash registers and checkout lines become superfluous - customers are billed after leaving the store using credit cards on file.

For grocers, the store's opening heralds another potential disruption at the hands of the world's largest online retailer, which bought high-end supermarket chain Whole Foods Market last year for $13.7 billion. Long lines can deter shoppers, so a company that figures out how to eradicate wait times will have an advantage.

Amazon did not discuss if or when it will add more Go locations, and reiterated it has no plans to add the technology to the larger and more complex Whole Foods stores.

The convenience-style store opened to Amazon employees on Dec. 5, 2016 in a test phase. At the time, Amazon said it expected members of the public could begin using the store in early 2017.

But there have been challenges, according to a person familiar with the matter. These included correctly identifying shoppers with similar body types, the person said. When children were brought into the store during the trial, they caused havoc by moving items to incorrect places, the person added.

Gianna Puerini, vice president of Amazon Go, said in an interview that the store worked very well throughout the test phase, thanks to four years of prior legwork.

"This technology didn't exist," Puerini said, walking through the Seattle store. "It was really advancing the state of the art of computer vision and machine learning."

"If you look at these products, you can see they're super similar," she said of two near-identical Starbucks drinks next to each other on a shelf. One had light cream and the other had regular, and Amazon's technology learned to tell them apart.

HOW IT WORKS 

The 1800-square-foot (167-square-meter) store is located in an Amazon office building. To start shopping, customers must scan an Amazon Go smartphone app and pass through a gated turnstile.

Ready-to-eat lunch items greet shoppers when they enter. Deeper into the store, shoppers can find a small selection of grocery items, including meats and meal kits. An Amazon employee checks IDs in the store's wine and beer section.

Sleek black cameras monitoring from above and weight sensors in the shelves help Amazon determine exactly what people take.

If someone passes back through the gates with an item, his or her associated account is charged. If a shopper puts an item back on the shelf, Amazon removes it from his or her virtual cart.

Much of the store will feel familiar to shoppers, aside from the check-out process. Amazon, famous for dynamic pricing online, has printed price tags just as traditional brick-and-mortar stores do.

source: news.abs-cbn.com

BPI says services to 'normalize' on Friday

MANILA - Bank of the Philippine Islands said Friday it expected services to "normalize" within the day, as it reeled from a two-day disruption that inconvenienced customers.

Electronic channels have been hit with high traffic volumes since being restored at 9 a.m. on Thursday, which may lead to "intermittent difficulties," the bank said in a statement.

"We expect our services to normalize as the day progresses, and thank you for your patience and understanding," the bank said.

The bank said ATM and over-the-counter transactions were available.

Banks expect high transaction volumes on Friday due to the long weekend. Monday is a public holiday for Independence Day.

source: news.abs-cbn.com

LOOK: Coke's newest sugar-free, low-sugar drinks

TOLUCA, Mexico - Softdrink lovers in North America now have more choices for their sweet fix, without sugar, one of the causes of diabetes.

Coca-Cola Sin Azucar, which literally translates to "no sugar" was launched in this North American country where Coca-Cola FEMSA runs one of its largest manufacturing plants.

The Sin Azucar can looks like a regular Coke can, except for the slim black band around the top lid and a similarly colored tab.

It replaced sugar-free Coke Zero here, and was formulated to taste very much like the regular variant, said Coca-Cola FEMSA corporate communications manager Juan Carlos Cortes.

"Every place is different. We improve the formula," Cortes said, adding the proportions of ingredients for Coke Sin Azucar were different from Coke Zero.

Coke variants are made from water, simple syrup made from water and sugar, sugar substitute or artificial sweeteners, and a secret blend from the company that gives the product its unique taste.

"If you make a switch in one of those products, you need to make sure the brand is going to get accepted," Cortes said.

"So you don't go through the new Coke kind of thing that we saw in the 80s," he said, referring to a reformulation that wasn't received well by some consumers.

In the neighboring US, Coke also launched the 90-calorie Coke Life, which is sweetened using a blend of Sugar and Stevia.


There was no immediate plan to bring Coke Sin Azucar or Coke Life to the Philippines, where sugar-free options include Coke Zero and Coke Light, Cortes said.

"It's a difficult decision to make because the bottlers and the Coca-Cola Company have to get together and determine what they're going to bring in," he said.

source: news.abs-cbn.com

China consumer show skewers Nike shoes, Muji foods

SHANGHAI - China's annual consumer rights day TV show turned its spotlight on US sports brand Nike Inc for misleading advertising and Japanese brand Muji for selling food products allegedly sourced from part of Japan affected by radiation.

The state-run China Central Television (CCTV) show - which can have brands and their corporate PR teams scurrying to take evasive action - said Nike had misled consumers over high-tech air cushions in some of its "Hyperdunk" basketball shoes.

Similar to CBS network's "60 Minutes" in the United States, the CCTV show - known as "315" in reference to global consumer rights day on March 15 - has previously named and shamed firms from Apple Inc to Volkswagen AG.

The two-hour show - a mix of undercover reports and song-and-dance - also highlighted Japanese brands including Muji, owned by Ryohin Keikaku Co, which it said sold food products in China from an area of Tokyo where high levels of radiation were detected in 2015.

Nike said in a statement it had sold 300 pairs of Hyperdunk shoes in China last year with "an inaccurate product description stating that the shoe contained airbags". The firm added it had apologized to consumers and offered compensation.

"We will fully cooperate with the government regulators regarding their inquiries," the company said. The Greater China region accounts for over 10 percent of Nike's global sales.

Muji declined to give immediate comment.

The show also took aim at fake eye doctors for scamming patients, animal breeders for over-using medicines to make animals grow faster, and China's Wikipedia-like Baike.com.

The 315 show can hit a firm's reputation if singled out for bad corporate behavior. Apple was forced into a rare apology in 2013 after criticism on the show of its China after-sales service.

"Pretty much all the big corporations have their PR machines ready to jump into action because they've seen what happens when companies are not prepared," said James Feldkamp, Shanghai-based CEO of independent China consumer watchdog Mingjian.

While the annual program has lost some of its bite in recent years, Wednesday's version was harder hitting than last year's, which criticized local food delivery apps, fake online sales and dodgy false teeth, but didn't take aim at any major international firms.

However, many in China steered clear of the show altogether, while online chatter was more muted than in previous years. Viewers who tuned in said they were underwhelmed by the show's corporate exposés and any impact would likely be short-lived.

"This year's show was a laughing stock, there weren't any really big cases in there," posted one user on Sina Weibo using the name Master Tan Xi. "Why do they bother still holding it?"

source: news.abs-cbn.com

Why you should cut down on buying 'designer' coffee

MANILA – Spending on designer coffee can be costly if computed on a yearly basis.

Buying a cup of designer coffee at least 3 times a week will cost about P500, which amounts to P2,000 for 12 times a month, and balloons to P24,000 in one year.

“If they realize that, I don’t think a lot of people would be taking designer coffee everyday because you spend at least P120 on a small cup of coffee,” Lei Sison, managing editor of Smartparenting.com.ph told ANC’s “On The Money.”

Sison believes P24,000 can be spent wisely on other things, such as a vacation or on an investment.

“You could probably plan a trip and start a holiday fund using that amount. I know some people who use their money to invest in a condo unit,” Sison said.

“Any investment of that value is never a waste. It’s an investment you could use maybe 10 years from now,” she added.

Sison said P24,000 can also be used to fund education expenses; medical emergencies; or retirement.

But for those who can’t kick the habit of drinking coffee on a daily basis, Sison suggests investing on a coffee machine to avoid paying for an expensive cup.

“We invested on a single-serve coffee machine, which tastes as good. The coffee tastes as good but I only spend about P20 to P40 a cup. Initially, the investment will be there but in the long run, if you keep using it, I think it’s worth every peso you pay for,” she said.

Other coffee alternatives are the 3-in-1 variety, home brew, or single-drip servings.

“If you make it a regular thing, if it’s a daily thing, you should just save the designer coffee for more special occasions. Maybe your daily coffee can be from somewhere else, somewhere more affordable. That way too, it becomes something it’s meant to be for—a treat. Then it really becomes something special,” said Sison.

source: www.abs-cbnnews.com

8 Things Not to Keep in Your Wallet This Holiday Season

You're doing your holiday shopping in the midst of those distracting sales and crowds. You’re checking your gift lists (twice!) and your budget. You’re juggling bags and boxes. And you're paying little attention to your purse or wallet. These are the moments when identity thieves will strike.

“Pickpocketing can happen virtually anywhere, and people should be on their guard, especially while shopping this holiday season,” says Ken Chaplin, senior vice president of Experian’s ProtectMyID. “Thieves take advantage of the shopping rush and its inherent distractions to steal wallets and, potentially, identities.”

With just your name and Social Security number, identity thieves can open new credit accounts and make costly purchases in your name. If they can get their hands on (and doctor) a government-issued photo ID, they can do even more damage, such as opening new bank accounts.

We talked with consumer-protection advocates to identify the eight things you should purge from your wallet immediately to limit your risk in case your wallet is lost or stolen.

And when you’re finished removing your wallet’s biggest information leaks, take a moment to photocopy everything you’ve left inside, front and back. The last thing you want to be wondering as you're reporting a stolen wallet is, “What exactly did I have in there?”

source: kiplinger.com

How to Beat the Holiday Season Rush and Save Your Wallet

It may be the season of pumpkin spice lattes as the leaves start to change, but the holiday shopping rush isn't far off. And while it might seem too early to start tackling your gift list, experts say getting a head start can help keep your budget intact.

According to the National Retail Federation, holiday sales are expected to increase 3.9 percent to $602.1 billion in November and December.

The increase is slightly higher than 2012's 3.5 percent rise in sales, and the forecast is also above the 10-year average of 3.3 percent growth. The NRF forecast is an economic model blending consumer confidence, consumer credit, disposable personal income and monthly retail sales releases.

Brian Hoyt, vice president of communications and senior writer at RetailMeNot.com, says this season's spending increase is nominal, but the company is also seeing average spending on the uptick, at about $160 per person this year. The shopping season itself is also being stretched out longer over the months leading up to the holidays.

"Use that time to your advantage," Hoyt says. "Spread out your purchases so you don't have them all bunched in November and December in just two or three pay cycles."

Shopping deals come in waves, Hoyt says, with the first deals rolling out in September and October on apparel.

"There will be a lot of deals especially in apparel due to this year's weaker back-to-school shopping period," he says. "You can take advantage of layaway programs early on. Especially if your child wants a specific toy, as they tend to sell out early."

After the clothing sales, retailers will start slashing prices on electronics, Hoyt says, starting around Thanksgiving. In fact, shopping on Thanksgiving Day can yield even greater savings for consumers, RetailMeNot has found.

"Consumers save more when they shop on that day than even on Black Friday and Cyber Monday," he says. "There are big door buster deals, to entice consumers to come off their couch and into the store."

The final sale phase is in early December, closer to Christmas, Hoyt says. "This is when 'stocking stuffers' go on sale, mainly accessories to go along with the consumer electronics."

Finally, RetailMeNot is predicting this season will have an even greater emphasis on mobile shopping than seasons past to allow consumers to get their shopping done from anywhere and anytime.

source: dailyfinance.com

A guide to safer online shopping

MANILA, Philippines - More and more people are getting hooked on online shopping. Once you've sampled the convenience, you can’t help but appreciate the comforts of shopping at any time of day, from virtually anywhere – and of course avoiding the queues.

While some still prefer to be able to look, touch and feel a product before buying, we can’t ignore that the World Wide Web offers an impressive variety of goods – some you can’t find in brick and mortar stores – and at better prices, because you can go bargain hunting with just a few clicks of your mouse.

However, some have learned at a painful cost that online shopping can also be unsafe. Identity theft has become an increasingly common occurrence on the Internet, so you must take steps to safeguard your every purchase.

1 Shop at a site that’s reputable.

Just as you would rather shop at a brick and mortar store that’s recognized and established, do the same for online stores that are trustworthy and reputable.

But what if the seller of the item that you want is a small, little-known shop? Do a little investigating of your own. Search online and see what other shoppers have to say about it. If it has a Facebook page, check it out. If you have friends who liked the shop, then get their feedback. Scour the seller’s page for signs of third party approval as well.

2 Shop at a site that’s secure.

An online shop may have a fast loading time or offer fabulous discounts, but if it doesn’t take measures to protect your personal information then it’s in your best interest to avoid it.

A secure website uses a Secure Sockets Layer (SSL) protocol; any communication between you and the site will thus be encrypted, maintaining its confidentiality and integrity. You will know that the protocol is active by the “s” after the “http” in the site’s URL. See if this is apparent especially on the web page where you have to input your credit card and other personal information. You should also see a padlock icon either on the address bar or on the lower right corner of the window.

3 Arm your computer with safety measures.

You can never be too safe on the Internet, and your first line of defense is an updated browser. It doesn’t matter whether you use Chrome, Internet Explorer, or Firefox, the important thing is to update your browser constantly to get the latest in security protection.

Next, install filters and malware-protection software. These devices will not only guard you against suspicious websites, they will also steer you away from phishing sites. Such sites have been set up for one objective alone: to steal your money. They do so by stealing personal information from your computer or installing it with malicious software.

Most importantly, make transactions only over a secure Internet connection. It is not advisable to log on to a free Wi-Fi service in a public place and proceed to go on an online shopping spree. This action will make your personal information vulnerable to identity thieves.

4 Think before you click!

As you surf your way through the web, a web page may suddenly pop out offering various products. Remember that legitimate sellers place their ads on credible sites; and such sites ensure that all ads they carry are safe. Clicking on random pop-ups or “too good to be true” offers may lead you to installing malicious software into your computer.

5 Keep and reconcile records.

If you’re fond of online shopping, keep a meticulous record of all your transactions, taking down every detail of the purchase with care. When you receive your account statement, make sure it is aligned with your own record of the transaction. Be vigilant of any charges that you did not make, no matter how small or insignificant. Immediately give your bank or credit card company a heads up as this may be a case of identity theft.

source: www.abs-cbnnews.com

Under Armour Basketball – St. Patrick’s Day Pack

The buzz surrounding DeAndre’s exorcism of Brandon Knight continues to stay high, but does he have something else in store this weekend? Jordan will potentially be rocking this sick “St. Patrick’s Day” PE of the Under Armour Spine, which features a great green/gold colorway with a nice contrasting hint of minty green on the outsole. A Micro G Charge is also featured in the holiday’s colors, with a bolder electric green on the inner lining and midsoles.  Both shoes will drop this Sunday at noon EST in limited numbers on the Under Armour webstore, so check out both below and be sure to pick up a pair before you pound a case of Guinness.

source: sneakernews.com

Seal for online selling sites being developed

MANILA, Philippines - The Digital Commerce Association of the Philippines (DCOM) and the Department of Trade and Industry (DTI) are coming up with a seal to be placed on online selling sites which comply with certain rules covering service given to consumers in line with the promotion of growth of e (electronic)-commerce transactions.

DCOM president Jack Madrid said during the DCOM Summit 2013 yesterday that the group is currently in discussions with the DTI on a seal to be placed on online selling sites based on certain criteria.

“We are just collaborating on a self-regulating seal with agreed on criteria for what we call DCOM seal that will be approved by the DTI to certify (the site) is compliant to code of ethics,” he said.

For an online site to be given a DCOM seal, it has to be able to respond to consumers’ queries or concerns, make the buying or selling process easier as well comply with other rules to be set by the DCOM and the DTI.

Madrid said the group is ready to present to the DTI its proposed seal and criteria.

“The purpose of the seal is to establish a seal of protection to provide reassurance to customers that we are able to self-police our members,” he said.

For his part, Trade secretary Gregory Domingo told reporters the seal as well as consolidated criteria for the grant of such, will be ready within the first-half of the year.

The plan, he said, supports the government’s promotion of the growth of e-commerce transactions in the country.

“We are promoting the use of trust marks for online business. A trust mark is akin to a good housekeeping seal to increase the consumer level of confidence transacting in an e-commerce site,” he said.

He said there is no better time than now to engage in e-commerce in the Philippines given the country’s strong economic performance.

“We share the industry’s goal of moving e-commerce forward and taking it to the next level. We therefore encourage industry to police its own ranks,” he said.

He noted that ideally, consumer complaints should be dealt with by online selling platforms within 48 hours to avoid massive fraud and allow the industry to grow.

Madrid estimates that the country has at least 10,000 e-commerce transactions per day.

The DCOM groups 50 firms in the e-commerce industry.

source: abs-cbnnews.com