The Philippines faced several policy changes impacting the economy in general in 2018, but despite all this, Filipino spending on household goods continued to grow. The residential property sector is still on a rise, making new home buyers still the primary growth drivers of the home and garden industry, and this is not only concentrated in key cities such as Metro Manila but has started expanding to provinces as well.
IKEA is building its largest store in the Philippines and it is set to open in 2020. The industry and most especially the consumers are highly anticipating this entry.
Home and garden in the Philippines comprises a large number of product distributors and dealers offering unbranded products at cheaper prices. This is evident in many categories including hand tools, horticulture, pots and planters, homeware, lighting fixtures and barbecues.
In the Philippines, home improvement and gardening stores are the dominant distribution channel, generating the largest value sales in home and garden. This is attributed to their higher unit prices along with increased residential construction and new homeowners.
The home and garden industry in the Philippines presents more growth potential in the forecast period as new market segments emerge. The younger group of millennials continues to grow and collectively they have become amongst the biggest spenders.
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This industry report originates from Passport, our DIY and Gardening market research database.