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Learn moreAug 2020
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Personal accessories sales are expected to decline in 2020 due to the economic impact of the COVID-19 pandemic. Decreasing disposable income, allocation of funds to goods of prime necessity and rising unemployment will be some of the reasons behind the decline in personal accessories.
For the period between 12 March and 15 May, the government in the Philippines introduced a nationwide lockdown, albeit with some provinces without COVID-19 cases able to operate under differing local community quarantine regulations. The national regulations called for only one person being allowed to leave the home to buy food or medicines between 06.
Personal accessories in the Philippines remained highly fragmented in 2019, led with small value shares by luxury brand owners such as LVMH Moët Hennessy Louis Vuitton SA and Rolex SA. Many Filipino consumers continue to prefer and are influenced by international brands, despite the growing acceptance among younger generations of locally-produced and artisanal items.
There most significant change in retail distribution in 2020 will be the major increase in the e-commerce share of retail value sales. This will be most marked in writing instruments, but will also be very visible in watches and bags and luggage.
The declining 2020 performance due to the economic impact of COVID-19, will be followed by increasing sales annually throughout the rest of the forecast period. Bags and luggage will suffer from the decline in global and local tourism in 2020, before slowly recovering in 2021 and returning to more normal growth rates between 2022 and 2025.
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Overview
Discover the latest market trends and uncover sources of future market growth for the Personal Accessories industry in Philippines with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the Personal Accessories industry in Philippines, our research will save you time and money while empowering you to make informed, profitable decisions.
When you purchase this report, you also get the data and the content from these category reports in Philippines for free:
The Personal Accessories in Philippines market research report includes:
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Why buy this report?
This industry report originates from Passport, our personal goods market research database.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.