Personal Accessories in the Philippines

Image-conscious Filipinos look to accessories for social status

Increasing purchasing power amongst mid-income consumers in the Philippines, due to tax reforms resulting in most mid-income consumers being able to earn more due to reduced income tax, continues to support stable demand for personal accessories, in addition to increasing image consciousness amongst younger Filipinos. A strong travel culture within and outside of the country also continues to support demand for certain personal accessories such as bags and luggage with luggage in particular recording the highest retail volume growth within overall personal accessories in 2019.

Social media supports local brands and attracts influential celebrities for promotion

Social media plays an important role in influencing trends amongst younger Filipinos, with local celebrities or bloggers with thousands of followers on platforms such as Instagram extremely influential in dictating or supporting current trends. Two of the most popular local celebrities that promote multiple brands in personal accessories are Heart Evangelista for high watches brand Omega and luxury handbags brand Hermès, while Nadine Lustre promotes luxury accessories brand Louis Vuitton, Omega and Skechers, a more basic watch brand, accessible to mass consumers.

Highly fragmented personal accessories led by multinationals

Personal accessories in the Philippines remained highly fragmented in 2018, led with low value share by luxury brand owners such as LVMH Moët Hennessy Louis Vuitton SA and Rolex SA. Many Filipino consumers continue to prefer and be influenced by international brands, despite the growing acceptance amongst younger generations for locally-produced and artisanal items.

Internet retailing continues to gain ground offering convenience and value

Despite holding low value share in 2019, internet retailing continued to gain ground within the distribution landscape of personal accessories with ongoing strong current value growth. The channel is starting to play a huge role in offering an alternative to mainstream retailers, as players increase their partnerships to reflect a trust-worthy shopping experience for consumers.

Low but stable growth for personal accessories

Personal accessories is predicted to record low but positive demand for most categories over the forecast period, although both current value and retail volume terms. Although stagnating demand is predicted for overall watches, mid quartz digital watches is set to continue to perform well as consumers retain some upgrading purchasing habits from the end of the review period.

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