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Philippines Luxury Goods Market Size, Share, Forecast: By Product Type: Watches and Jewellery, Perfumes and Cosmetics, Clothing, Bags/Purse, Others; By End User: Men, Women; By Distribution Channel: Online, Offline; Market Dynamics: SWOT Analysis; Competitive Landscape; Key Trends and Developments in the Market; 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 Report Summary | Description | Value |
| Base Year | USD Billion | 2023 |
| Historical Period | USD Billion | 2018-2023 |
| Forecast Period | USD Billion | 2024-2032 |
| Market Size 2023 | USD Billion | 6.10 |
| Market Size 2032 | USD Billion | 8.83 |
| CAGR 2018-2023 | Percentage | XX% |
| CAGR 2024-2032 | Percentage | 4.2% |
| CAGR 2024-2032 - Market by Product Type | Watches and Jewellery | 4.9% |
| CAGR 2024-2032 - Market by Distribution Channel | Online | 9.8% |
| 2023 Market Share by Distribution Channel | Online | 13.3% |
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
| CAGR 2024-2032 - Market by | Product Type |
| Watches and Jewellery | 4.9% |
| Perfumes and Cosmetics | 4.5% |
| Clothing | XX% |
| Bags/Purse | XX% |
| Others | XX% |
Market Breakup by End User
- Men
- Women
Market Breakup by Distribution Channel
- Online
- Offline
| CAGR 2024-2032 - Market by | Distribution Channel |
| Online | 9.8% |
| Offline | XX% |
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.
| 2023 Market Share by | Distribution Channel |
| Online | 13.3% |
| Offline | XX% |
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
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Product Type |
|
| Breakup by End User |
|
| Breakup by Distribution Channel |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
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
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Asia Pacific Luxury Goods Market Overview
8.1 Key Industry Highlights
8.2 Asia Pacific Luxury Goods Historical Market (2018-2023)
8.3 Asia Pacific Luxury Goods Market Forecast (2024-2032)
9 Philippines Luxury Goods Market Overview
9.1 Key Industry Highlights
9.2 Philippines Luxury Goods Historical Market (2018-2023)
9.3 Philippines Luxury Goods Market Forecast (2024-2032)
10 Philippines Luxury Goods Market by Product Type
10.1 Watches and Jewellery
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Perfumes and Cosmetics
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Clothing
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Bags/Purse
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Philippines Luxury Goods Market by End User
11.1 Men
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Women
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
12 Philippines Luxury Goods Market by Distribution Channel
12.1 Online
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Offline
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
13 Market Dynamics
13.1 SWOT Analysis
13.1.1 Strengths
13.1.2 Weaknesses
13.1.3 Opportunities
13.1.4 Threats
13.2 Porter’s Five Forces Analysis
13.2.1 Supplier’s Power
13.2.2 Buyer’s Power
13.2.3 Threat of New Entrants
13.2.4 Degree of Rivalry
13.2.5 Threat of Substitutes
13.3 Key Indicators for Demand
13.4 Key Indicators for Price
14 Competitive Landscape
14.1 Market Structure
14.2 Company Profiles
14.2.1 Chanel Limited
14.2.1.1 Company Overview
14.2.1.2 Product Portfolio
14.2.1.3 Demographic Reach and Achievements
14.2.1.4 Certifications
14.2.2 Rolex SA
14.2.2.1 Company Overview
14.2.2.2 Product Portfolio
14.2.2.3 Demographic Reach and Achievements
14.2.2.4 Certifications
14.2.3 Giorgio Armani S.p.A
14.2.3.1 Company Overview
14.2.3.2 Product Portfolio
14.2.3.3 Demographic Reach and Achievements
14.2.3.4 Certifications
14.2.4 Estee Lauder Companies Inc.
14.2.4.1 Company Overview
14.2.4.2 Product Portfolio
14.2.4.3 Demographic Reach and Achievements
14.2.4.4 Certifications
14.2.5 Ralph Lauren Corporation
14.2.5.1 Company Overview
14.2.5.2 Product Portfolio
14.2.5.3 Demographic Reach and Achievements
14.2.5.4 Certifications
14.2.6 Cartier International AG
14.2.6.1 Company Overview
14.2.6.2 Product Portfolio
14.2.6.3 Demographic Reach and Achievements
14.2.6.4 Certifications
14.2.7 Burberry Group plc
14.2.7.1 Company Overview
14.2.7.2 Product Portfolio
14.2.7.3 Demographic Reach and Achievements
14.2.7.4 Certifications
15 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Asia Pacific Luxury Goods Market: Key Industry Highlights, 2018 and 2032
2. Philippines Luxury Goods Market: Key Industry Highlights, 2018 and 2032
3. Philippines Luxury Goods Historical Market: Breakup by Product Type (USD Billion), 2018-2023
4. Philippines Luxury Goods Market Forecast: Breakup by Product Type (USD Billion), 2024-2032
5. Philippines Luxury Goods Historical Market: Breakup by End User (USD Billion), 2018-2023
6. Philippines Luxury Goods Market Forecast: Breakup by End User (USD Billion), 2024-2032
7. Philippines Luxury Goods Historical Market: Breakup by Distribution Channel (USD Billion), 2018-2023
8. Philippines Luxury Goods Market Forecast: Breakup by Distribution Channel (USD Billion), 2024-2032
9. Philippines Luxury Goods Market Structure
Key Questions Answered in the Report
The market reached nearly USD 6.10 billion in 2023.
The market is projected to grow at a CAGR of 4.2% between 2024 and 2032.
The market is assessed to witness healthy growth in the forecast period to reach around USD 8.83 billion in 2032.
The different product types in the market are watches and jewellery, perfumes and cosmetics, clothing, and bags/purse, among others.
The different distribution channels in the market are online and offline.
The different end users of luxury goods in the market are men and women.
The key market players are Chanel Limited, Rolex SA, Giorgio Armani S.p.A, Estee Lauder Companies Inc., Ralph Lauren Corporation, Cartier International AG, and Burberry Group plc, among others.
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