Major international luxury brands are looking to enter or expand their presence in the Philippines as part of broader strategies to tap into the growth potential offered by the Asia Pacific market. LVMH is prominent amongst the major designer apparel and footwear (ready-to-wear) players looking to build their presence in the Philippine market.
The COVID-19 crisis has caused the majority of foreign workers in the Philippines to flee the country at least temporarily, with some deciding to leave for good. In 2021, Philippine offshore gaming operators (POGOs), largely Chinese gambling companies, are in need of 17,000 square metres of office space, according to data from Leechiu Property Consultants, which indicates that foreign workers are returning to the Philippines to resume their operations.
Designer apparel and footwear (ready-to-wear) brands around the world have been forced to focus more on digital engagement models in order to maintain communication with their customers during the COVID-19 crisis, especially when physical outlets were closed during the long periods of lockdown. Although e-commerce in the Philippines has not benefited to the same extent as in other markets, luxury brands have shifted to e-commerce to a degree, while personal engagement through telephone calls and social media has been a major feature of the category during the crisis.
While 2021 has seen the easing of COVID-19 related restrictions and the immediate threat from the disease is expected to wane in the forecast period, the crisis is set to have a lasting impact on consumer attitudes and behaviour. The economic impact of measures introduced to contain COVID-19 is likely to endure beyond the point that the disease becomes a managed fact of life, leading to heightened consumer budget-consciousness.
Another lasting impact of the COVID-19 crisis is likely to be increased digital engagement on the part of both consumers and brands. E-commerce is set to see continued strong growth in designer apparel and footwear (ready-to-wear) sales as the channel builds on the greater familiarity with online shopping developed during the COVID-19 crisis.
Prior to the pandemic, a number of luxury brands collaborated with other, complementary luxury brands to target Millennials. One example was the Supreme X Louis Vuitton launch.
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Understand the latest market trends and future growth opportunities for the Designer Apparel and Footwear (Ready-to-Wear) industry in Philippines with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Designer Apparel and Footwear (Ready-to-Wear)
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This report originates from Passport, our Designer Apparel and Footwear (Ready-to-Wear) research and analysis database.
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