The COVID-19 crisis has severely impacted the luxury mobile phone category in the Philippine market. The Huawei Mate RS Porsche Design is typically offered in select Huawei experience stores and, in 2019, via the Platinum post-paid subscription at Globe as a limited edition phone (20 units only).
The health and wellness trend is playing an important role in the development of luxury portable consumer electronics, and particularly smart activity wearables. As a result, the category has received a boost from the enhancement of the trend due to the experiences of the COVID-19 crisis, which has seen consumers take a growing interest in their blood oxygen levels and the working of their immune systems, and become more aware of issues such as obesity, which is a key risk factor in terms of negative outcomes from COVID-19.
The severe economic impact of measures imposed to curb the spread of COVID-19 has undermined consumer confidence and purchasing power, encouraging consumers to focus their spending on essential items. This has served to dampen demand for products such as luxury consumer portable electronics, which are still in the initial stages of consumer uptake and acceptance.
Luxury portable consumer electronics is set to return to double-digit value growth in both current and constant terms in 2022 and to register healthy year-on-year growth for the rest of the forecast period. However, sales are not expected to reach pre-pandemic levels either in volume or current value terms until 2026 and are not set to recover fully at constant 2021 prices by the end of the forecast period.
With luxury mobile phones already having succumbed to intense competition from more mainstream rivals, luxury wearables faces a growing threat from similar brands. Samsung has been launching smartwatches that have a similar look to classic watches, which has added a significant aesthetic element that, in combination with the strong technological features associated with such players, may help to attract even more affluent consumers away from luxury brand names.
Tag Heuer has reinforced its position as the leading brand in luxury portable consumer electronics during the COVID-19 crisis. Having launched its connected watch before the pandemic, the brand introduced the summer edition of the product in 2020.
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Understand the latest market trends and future growth opportunities for the Luxury Portable Consumer Electronics 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.
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Luxury portable consumer electronics include luxury mobile phones, luxury MP3 players and luxury wearables.
See All of Our DefinitionsThis report originates from Passport, our Luxury Portable Consumer Electronics research and analysis database.
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