Lockdown measures, which have been keeping consumers confined within their homes, have been leading to greater demand for indoor entertainment. 2021 saw an uptick in TV purchases and, consequently, accelerated the growth of home cinema and speaker systems, which were companion purchases to televisions as people completed their entertainment sets.
Trends prior to the pandemic continue to impact the category. While digital media player docks were previously popular with the rise of music streaming apps like Spotify, they have now become almost obsolete as people move towards more portable Bluetooth speakers.
At the beginning of the pandemic in 2020, consumers were scrambling to get accessories to complement their work from home and study from home set-ups. For a lot of students, this meant purchasing home audio and cinema products, since it was a bit more comfortable to listen to online lessons via speakers the whole day rather than through headphones.
With no plans yet in sight from the government for the full reopening of normal activities within the Philippines, people continue to take stock of their home lives and any little improvements they can make to help improve their home circumstances. The continued decline of television prices and the entrance of more affordable brands should help sustain the growth of complementary products like home cinema and speaker systems into the forecast period.
Election-related spending has been historically known to deliver a slight boost to economic growth in the Philippines. Large amounts of money typically go around the economy leading up to a presidential election.
Filipinos previously have not been very enthusiastic about purchasing items, especially more expensive ones, via e-commerce. Firstly, the majority of Filipinos either have no access to credit or remain unbanked, so it is difficult to make purchases.
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Understand the latest market trends and future growth opportunities for the Home Audio and Cinema 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.
If you're in the Home Audio and Cinema 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.
This report originates from Passport, our Home Audio and Cinema research and analysis database.
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