Philippines Luxury Goods Market Report and Forecast 2024-2032

Philippines Luxury Goods Market Size

The Philippines luxury goods market reached around USD 6.10 billion in 2023. The market is projected to grow at a CAGR of 4.2% between 2024 and 2032 to reach almost USD 8.83 billion by 2032.

Philippines Luxury Goods Market Outlook

• Despite inflation, 43% of the Philippines’ consumers are expected to retain their spending pattern on luxury goods.

• 74% of Filipino consumers purchase luxury goods for self-consumption, while 22% purchase them for the purpose of collection.

• 21% of all Filipino consumers purchase luxury goods for resale.

Philippines Luxury Goods Market Growth

In the Global Wealth and Lifestyle Report 2021, Manila was ranked the 16th most expensive city for high-net-worth individuals in 2020. In the city, the prices of luxury items surged by 9% in the same year, which was significantly higher than in other cities like Shanghai and Tokyo. The city recorded a 63% surge in domestic fares for transportation and has become the most lucrative destination to buy exclusive fashion, including men’s suits, and women’s bags. The lifestyle index of Manila has outpaced the domestic rate of headline inflation (2.6% in 2020), which highlights sustained demand for luxury goods even in challenging economic times.

The top luxury goods purchases by Filipino consumers include fashionable items like clothing (53%), cosmetics, skincare, and other beauty and wellness products (48%), pieces of jewellery such as bracelets, rings, and watches (45%), and tech gadgets like mobile phones and computers (64%). Product longevity (58%), unique designs (53%), and superior product quality (56%) are the topmost reasons for Filipino consumers to purchase luxury goods.

As per the United States Department of Agriculture, overall wine exports to the Philippines are expected to grow at a rate of 5% annually between 2022-2025 due to rising preference for drinking among the younger generation and the emergence of online stores. This is expected to sustain the demand for luxury wines over the forecast period, propelling the market growth.

Philippines Luxury Goods Industry Segmentation

Philippines Luxury Goods Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Product Type

• Watches and Jewellery

• Perfumes and Cosmetics

• Clothing

• Bags/Purse

• Others

Market Breakup by End User

• Men

• Women

Market Breakup by Distribution Channel

• Online

• Offline

Philippines Luxury Goods Market Share

Based on product type, the market is segmented into watches and jewellery, perfumes and cosmetics, clothing, and bags/purse, among others. Over the forecast period, watches and jewellery are expected to grow at a CAGR of 4.9% due to increasing fashion consciousness among consumers and the emergence of unique products by luxury brands.

Leading Companies in the Philippines Luxury Goods Market

A subsidiary of Store Specialists Inc., SSI Group entered into a joint venture agreement with the company G Distribution B.V. or Gucci in May 2022 to establish Luxury Goods Phuliipines Inc., which is responsible for operating and managing all Gucci stores across the country.

• Chanel Limited

• Rolex SA

• Giorgio Armani S.p.A

• Estee Lauder Companies Inc.

• Ralph Lauren Corporation

• Cartier International AG

• Burberry Group plc

Key Highlights of the Report

Philippines Luxury Goods Market Report Snapshots

Philippines Luxury Goods Market Size

Philippines Luxury Goods Market Growth

Philippines Luxury Goods Market Share

Philippines Luxury Goods Companies