Due to Russia's invasion of Ukraine and the lingering effects of the COVID-19 pandemic the global economy remains under a cloud, with this casting a cloud over the growth prospects for the Filipino economy. With many consumers seeing a rise in the cost of living this is likely to push them to focus on meeting their primary needs, which could limit the growth and recovery of jewellery sales, which are not expected to see a full recovery until 2026 in retail volume terms.
Engagements and weddings are a key driver of demand and this is likely to remain the case over the forecast period, especially in fine jewellery where rings account for almost a third of value sales. However, growth in fine jewellery is likely to stabilise from 2023 onwards after the dynamism seen in 2022 when consumers looked to re-book their postponed arrangements.
In addition to expensive branded jewellery, there has also been a growing presence of mid-priced artisanal brands starting to enter the market. These brands have become more accessible thanks to the expansion of e-commerce in the Philippines, while they have also become popularised by endorsements both from actors and social media influencers.
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Understand the latest market trends and future growth opportunities for the Jewellery 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 Jewellery 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.
Jewellery is a kind of personal adornment usually made with various precious and semi-precious materials such as gemstones, precious metals, beads, glass, and shells. Jewellery segment as either real or costume jewellery. Hair Accessories are not included as part of Real or Costume jewellery.See All of Our Definitions
This report originates from Passport, our Jewellery research and analysis database.
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