Philippines Sourcing Report: Fashion Jewelry & Accessories28 Dec 2011 • by Natalie Aster
Buoyed by the improving business climate in key overseas markets, the fashion jewelry and accessories industry in the Philippines is expecting enhanced short-term export performance. Shipments in recent years have been dismal due to growing competition from China and the global economic crisis, which has affected clients in major destinations abroad. Escalating demand, however, is forecast to reverse this trend.
According to the report “Philippines Sourcing Report: Fashion Jewelry & Accessories” by Global Sources, product segments that make up the local industry are jewelry, bags and wallets, and fashion accessories. The first is the largest line and principally reflects the performance of the sector as a whole. The two other categories contribute a small portion to aggregate turnover. They play an important role, nonetheless, since they attract the most number of customers from new markets.
Philippines Sourcing Report: Fashion Jewelry & Accessories
Published: October 2011
Price: US$ 71,00
- Although demand in the coming year is seen to rise, most suppliers plan to keep prices unchanged to attract new buyers and maintain current ones. A significant number of companies are preparing to raise quotes, however, but this will be done cautiously since many customers still operate on a limited budget.
- Despite the economic problems besetting them, the US and the EU remain the largest markets for the sector. Within the latter, France takes up the biggest share of exports. Spain and Italy are also important destinations from the bloc. Over the next 12 months, makers will continue to concentrate on product development and promotional efforts targeting these locations.
- The appreciation of the peso against the US dollar is cited as the most crucial challenge facing the industry. Besides this, weak domestic infrastructure for power and shipping pushes up operating costs and adversely affects suppliers’ profitability.
- To avoid directly competing with China, many companies focus on the midrange. Some enterprises also manufacture upscale models to underscore product differentiation between locally made items and those from other sourcing hubs in Asia.
- The easy availability of various types of natural materials benefits the industry since they are chiefly obtained from domestic vendors. These include hardwood, plant fibers, animal horn and bone, and marine-based inputs.
More information can be found in the report “Philippines Sourcing Report: Fashion Jewelry & Accessories” by Global Sources.
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