Luxury Goods in the Philippines

October 2024 | | ID: L6F255FFA19EN
Euromonitor International Ltd

Abstracts

Luxury goods in the Philippines is being supported by ongoing urbanisation in the country in 2024. Alongside the urbanisation trend, we are seeing increases in consumer spending and purchasing power, alongside growth in the number of premium retail outlets and luxury travel options. This is also being supported by a lower rate of inflation in the country in 2024, compared to 2023 and 2022, as reported by the Philippine Statistics Authority (PSA) and supported by Euromonitor International data. U...

Euromonitor International's Luxury Goods in Philippines report offers a comprehensive guide to the size and shape of the Luxury Goods market at a national level. It provides the latest retail sales data, allowing you to identify the sectors driving growth. It identifies the leading companies, the leading brands and offers strategic analysis of key factors influencing the market and their effects on Luxury Goods retailing along with the development of consumers’ shopping patterns. Forecasts to 2028 illustrate how the market is set to change

Product coverage: Experiential Luxury, Fine Wines/Champagne and Spirits, Personal Luxury, Premium and Luxury Cars.

Data coverage: market sizes (historic and forecasts), company shares, brand shares and distribution data.

Why buy this report?

• Get a detailed picture of the Luxury Goods market;
• Pinpoint growth sectors and identify factors driving change;
• Understand the competitive environment, the market’s major players and leading brands;
• Use five-year forecasts to assess how the market is predicted to develop.

Euromonitor International has over 40 years' experience of publishing market research reports, business reference books and online information systems. With offices in London, Chicago, Singapore, Shanghai, Vilnius, Dubai, Cape Town, Santiago, Sydney, Tokyo and Bangalore and a network of over 800 analysts worldwide, Euromonitor International has a unique capability to develop reliable information resources to help drive informed strategic planning.

Contents

Luxury Goods in the Philippines
Euromonitor International
October 2024

LIST OF CONTENTS AND TABLES

LUXURY GOODS IN THE PHILIPPINES
EXECUTIVE SUMMARY
Luxury goods in 2024: The big picture

2024 KEY TRENDS

Competitive landscape
Retailing developments
What next for luxury goods?
MARKET DATA
Table 1 Sales of Luxury Goods by Category: Value 2019-2024
Table 2 Sales of Luxury Goods by Category: % Value Growth 2019-2024
Table 3 Inbound Receipts for Luxury Goods by Country of Origin: Value 2019-2024
Table 4 NBO Company Shares of Luxury Goods: % Value 2019-2023
Table 5 LBN Brand Shares of Luxury Goods: % Value 2020-2023
Table 6 Distribution of Luxury Goods by Format and Category: % Value 2024
Table 7 Forecast Sales of Luxury Goods by Category: Value 2024-2029
Table 8 Forecast Sales of Luxury Goods by Category: % Value Growth 2024-2029
DISCLAIMER
SOURCES
Summary 1 Research Sources
EXPERIENTIAL LUXURY IN THE PHILIPPINES
KEY DATA FINDINGS

2024 DEVELOPMENTS

Ongoing urbanisation trends and middle-class expansion help to support experiential luxury
Exclusive destinations are key to experiential luxury
Consumers re-embrace freedom in experiential luxury
PROSPECTS AND OPPORTUNITIES
Growing collaborations expected amongst experiential luxury groups
Loyalty rewards and credit functions attract consumers
Digitalisation increases competition amongst experiential luxury brands
CATEGORY DATA
Table 9 Sales of Experiential Luxury by Category: Value 2019-2024
Table 10 Sales of Experiential Luxury by Category: % Value Growth 2019-2024
Table 11 NBO Company Shares of Experiential Luxury: % Value 2019-2023
Table 12 LBN Brand Shares of Experiential Luxury: % Value 2020-2023
Table 13 Forecast Sales of Experiential Luxury by Category: Value 2024-2029
Table 14 Forecast Sales of Experiential Luxury by Category: % Value Growth 2024-2029
FINE WINES/CHAMPAGNE AND SPIRITS IN THE PHILIPPINES
KEY DATA FINDINGS

2024 DEVELOPMENTS

Fine wines/champagne and spirits benefit from rebound in the hospitality sector
Perception of wine as a “healthier” drink boosts demand
Conventions and events help to educate consumers about wine varieties and attract further interest
PROSPECTS AND OPPORTUNITIES
Ongoing consumer preference for imported fine wines over local options
Collaborations expected between fine wines/champagne and spirits and hospitality giants
Ongoing trend for celebratory events will continue to support sales
CATEGORY DATA
Table 15 Sales of Fine Wines/Champagne and Spirits by Category: Value 2019-2024
Table 16 Sales of Fine Wines/Champagne and Spirits by Category: % Value Growth 2019-2024
Table 17 NBO Company Shares of Fine Wines/Champagne and Spirits: % Value 2019-2023
Table 18 LBN Brand Shares of Fine Wines/Champagne and Spirits: % Value 2020-2023
Table 19 Distribution of Fine Wines/Champagne and Spirits by Format: % Value 2019-2024
Table 20 Forecast Sales of Fine Wines/Champagne and Spirits by Category: Value 2024-2029
Table 21 Forecast Sales of Fine Wines/Champagne and Spirits by Category: % Value Growth 2024-2029
PREMIUM AND LUXURY CARS IN THE PHILIPPINES
KEY DATA FINDINGS

2024 DEVELOPMENTS

Sales of premium and luxury cars grow in parallel with the local economy
BMW takes back brand lead from Lexus
Ongoing shift from traditional gasoline to hybrid and electric models
PROSPECTS AND OPPORTUNITIES
Increase in EV charging stations in retail establishments influences demand
SUVs and crossovers forecast to be one of the top formats for luxury cars
Growth of luxury car clubs strengthens engagement and appreciation
CATEGORY DATA
Table 22 Sales of Premium and Luxury Cars: Value 2019-2024
Table 23 Sales of Premium and Luxury Cars: % Value Growth 2019-2024
Table 24 NBO Company Shares of Premium and Luxury Cars: % Value 2019-2023
Table 25 LBN Brand Shares of Premium and Luxury Cars: % Value 2020-2023
Table 26 Forecast Sales of Premium and Luxury Cars: Value 2024-2029
Table 27 Forecast Sales of Premium and Luxury Cars: % Value Growth 2024-2029
PERSONAL LUXURY IN THE PHILIPPINES
KEY DATA FINDINGS

2024 DEVELOPMENTS

Designer apparel and footwear (ready-to-wear) benefits from both digitisation and “Quiet Luxury”
Luxury eyewear gets the personal touch and incorporates AI
Luxury jewellery benefits from influencer marketing
Luxury leather goods see a sustainable makeover
Luxury wearables gain smart functions in line with technology developments
Rolex remains seen as the king of luxury timepieces
Luxury writing instruments and stationery offer affordable status symbols
Super premium beauty and personal care continues to benefit from post-pandemic boom
PROSPECTS AND OPPORTUNITIES
Personalisation will be an ongoing trend across luxury categories
Success of international luxury brands hinders growth of local options
Ongoing demand for sustainable materials and “meaningfulness”
CATEGORY DATA
Table 28 Sales of Personal Luxury by Category: Value 2019-2024
Table 29 Sales of Personal Luxury by Category: % Value Growth 2019-2024
Table 30 NBO Company Shares of Personal Luxury: % Value 2019-2023
Table 31 LBN Brand Shares of Personal Luxury: % Value 2020-2023
Table 32 Distribution of Personal Luxury by Format: % Value 2019-2024
Table 33 Forecast Sales of Personal Luxury by Category: Value 2024-2029
Table 34 Forecast Sales of Personal Luxury by Category: % Value Growth 2024-2029