Hip-hop snapback hats, bucket hats, neon-coloured bonnets and even colourful bandanas are just a few of the fashion pieces that made a comeback in 2018 thanks to the retro fashion trend. The biggest players in apparel accessories, SM Inc and H&M Hennes & Mauritz, filled their racks with wide selections of goods in order to appeal to consumers.
Although the retro fashion trend is expected to fade over the forecast period, similar trends are likely to reappear over the coming years and impact demand for apparel accessories. Increasing image consciousness and global awareness of fashion trends among consumers will help to boost demand in the area.
Of the dozens of online retailers, Lazada and Shopee are the favourites among mass consumers due to their wide selections of very cheap apparel accessories and the overall convenience of shopping online. The increasing presence of leading names through third-party online retailing hubs reflects growing demand in this distribution channel.
SM Retail has been aggressively increasing its presence throughout the country, opening 10 new malls in 2018 alone and planning to open a further 21 by 2020. The giant retailer is a household name among Filipino consumers.
To compete with the growing impact of fast-fashion players, SM Retail upgraded its retail areas to offer wide selections. The biggest edge of the retailing giant is its ability to provide regular discount events and very affordable apparel accessories to mass consumers.
Growing support for online channels can be challenging for brands. The way to compete with this trend is to also be visible online with the help of third-party online retailers and boost awareness via social media platforms such as Facebook and Instagram, which are heavily used by Filipino consumers.
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This industry report originates from Passport, our Apparel and Footwear market research database