Value sales of luxury goods continue to recover in 2022, supported by the fact that most restrictions in the Philippines have been lifted (with restrictions for children being the last to be lifted towards the end of 2021 and schools aiming to return to in-person learning in the 2022 autumn school year). However, despite predictions for a second consecutive year of double-digit current value growth in 2022, most categories of luxury goods are struggling to fully recover to pre-pandemic levels due to the severity of declines experienced in 2020 when pandemic-related restrictions forced the closure of non-essential specialist retailers, which dominate sales of personal luxury.
Demand for luxury wearables electronics is set to improve in 2022 with double-digit growth rates. Fewer restrictions in place mean that Filipinos are spending greater time outside of the home, including participating in outdoor activities such as sports, as they resume their health and wellness goals.
Luxury hotel operators (such as Shang Properties Inc) and producers of premium and luxury cars (Asian Carmakers Corp) continued to lead overall luxury goods in 2021, given the high value associated with these categories. On the other hand, personal luxury remained a highly fragmented competitive landscape led by multinationals such as Kering SA, LVMH Moët Hennessy Louis Vuitton SA and Rolex SA, while smaller players under “others” including local artisanal brands, continued to dominate value share.
Most local consumers prefer to purchase personal luxury goods from physical specialist stores, which allow them to check the quality and suitability of the product before making a significant investment in the case of bigger-ticket purchases. These non-grocery specialists have dedicated sales consultants that are trained to make consumers feel special and facilitate the purchase.
The government in the Philippines initiated its vaccination drive for a second booster for immunocompromised individuals and senior citizens. The waning threat of the pandemic in the country has resulted in a gradual return to some level of normality for Filipinos, with many of them returning to previous habits of spending time outside of the home, including socialising, with added precautionary measures such as wearing face masks or meeting in outdoor spaces.
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Understand the latest market trends and future growth opportunities for the Luxury Goods industry in Philippines with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Data and analysis in this report provides further detailed coverage dedicated to the following key categories, where applicable:
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This is an aggregation of: Personal Luxury, Fine Wines/Champagne and Spirits, Luxury Cars and Experiential Luxury.See All of Our Definitions
This report originates from Passport, our Luxury Goods research and analysis database.
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