Supporting local companies in the Philippines continued to drive demand for smaller independent brands that are flooding social media platforms, especially for the more affordable costume jewellery. Organisations that support and promote social enterprises such as ChooseSocial.
Fine jewellery continued to record low demand compared to costume jewellery as it continued to be driven primarily by purchases for special occasions rather than investment, which hampers potential for stronger growth. Leading fine jewellery players such as Tiffany & Co tend to run marketing campaigns that place an emphasis on gifting purposes and social engagements such as weddings, which therefore limits the purchasing occasions of this category.
Producers of fine jewellery are also missing an opportunity for stronger sales potential through capturing younger affluent Filipinos, due to a lack of innovative or differentiated marketing strategies. The number of young consumers who are ready and able to spend more money on themselves due to higher disposable incomes and the heavy influence of social media celebrities is booming, and can offer greater potential by enticing them away from more practical jewellery and encouraging them to invest in fine jewellery as they are already showing an enthusiasm for investing in high-end artwork, watches and cars.
With a highly fragmented competitive landscape within fine jewellery, which continued to be led by Tiffany & Co, some players resorted to aggressive marketing strategies in an attempt to gain stronger sales and share. Bvlgari’s B.
Fast fashion brands such as H&M and Forever 21 are highly ranked in costume jewellery and have the ability to offer a wide range of products that attract consumers due to the huge floor space in their stores, with jewellery displayed alongside their clothing ranges, inspiring younger consumers to pair certain pieces with a particular trend or outfit. In addition to offering consumers the chance to choose from a wide selection of costume jewellery, their affordable prices (often below PHP1,000) make them attractive enough for younger Filipinos to purchase them and maybe only use them for one season before moving on to the next trend.
Jewellery offered through department store The SM Store, including Karutora, F&C Jewelry, Hearts & Arrows in addition to private label lines continued to enjoy strong support due to affordable collections and wide visibility amongst mass consumers who are attracted to the store’s regular discounting events. Zirconia is a popular material used to produce costume jewellery, and is often used to create affordable yet glamourous styles, especially for Karutora, which offers a huge range of collections for The SM Store.
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This industry report originates from Passport, our Jewellery market research database.