One of the trends among local consumers when it comes to luxury brands is that less is more. This means that “loud” or ostentatious brands are not favoured by some affluent consumers, who are concerned not to show off their high social status.
A good way to attract the target audience for luxury goods, including leather goods, is to place stores or boutiques in locations frequented by tourists and affluent locals. The strategic location trend is accelerating as more and more luxury hotels attract local and international tourists, especially in key cities across the country.
While most local consumers with sufficient disposable incomes travel to neighbouring countries and within the Philippines, affluent consumers visit more exclusive places. These include luxury shopping districts and resorts in the Philippines and countries with more or more defined seasons.
Having opened its first new store in 2015, after revamping the brand, Coach opened a sixth store in the Philippines in 2018. This is seen as an effort to lure consumers, especially millennials and young professionals.
Sheraton Manila Hotel and Dusit Thani Mactan Cebu are just two of the upcoming luxury hotels in the country. Luxury leather goods players are expected to take advantage of the new openings by gaining a presence within hotels to secure more strategic locations capable of reaching target audiences.
The burgeoning travel culture among Filipino consumers is expected to continue to have a huge influence on the coming trends in luxury leather goods. Thus, companies are set to keep pace with the advances in technology in relation to travel bags, such as smart luggage, anti-thief backpacks and other bags that are highly travel-friendly.
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Discover the latest market trends and uncover sources of future market growth for the Luxury Leather Goods industry in Philippines with research from Euromonitor's team of in-country analysts.
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