Retail value sales of luxury goods in the Philippines rose by 16% in 2023 in current terms to stand at PHP340.4 billion.
In spite of headwinds like higher prices, the war in Ukraine, supply chain problems and the cost of living crisis, the industry performed well in the last year of the review period. The Philippines is home to a number of affluent individuals, with 37,700 (0.
The competition remains intense within luxury goods. With people making more mindful consumption choices, luxury players are putting value creation at the forefront of innovation, in order to ensure the affordability of their products and services.
Digitalisation is reshaping the luxury retail landscape, influencing consumer shopping patterns and transforming how they engage with luxury brands and retailers. This is leading to a rise in the importance of retail e-commerce, whilst forcing retailers to rethink the role of physical outlets.
The outlook for luxury goods is bright in the Philippines. A desire to spend on services and goods is set to see consumers purchase high-end luxury goods more frequently in the forecast period.
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Understand the latest market trends and future growth opportunities for the Luxury Goods industry in Philippines with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
Data and analysis in this report provides further detailed coverage dedicated to the following key categories, where applicable:
If you're in the Luxury Goods industry in Philippines, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
Luxury Goods
This is an aggregation of: Personal Luxury, Fine Wines/Champagne and Spirits, Luxury Cars and Experiential Luxury.
See All of Our DefinitionsThis report originates from Passport, our Luxury Goods research and analysis database.
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