Luxury goods in 2024: The big picture
Luxury goods in the Philippines is being supported by ongoing urbanisation in the country in 2024. Alongside the urbanisation trend, we are seeing increases in consumer spending and purchasing power, alongside growth in the number of premium retail outlets and luxury travel options.
2024 key trends
Maximalism has been a common trend for the past few years, however, 2024 is heralding a switch more towards minimalism – commonly known as “Quiet Luxury”. For example, we are seeing minimalist trends such as using basic colours and patterns in luxury fashion (apparel and bags) from brands such as Celine and Loewe.
Competitive landscape
For many years, luxury goods in the Philippines has been dominated by large international brands across a fragmented competitive landscape. However, in line with the country’s ongoing urbanisation and strengthening luxury sector, local entrepreneurship is noted to be growing.
Retailing developments
Offline channels remain the strongest for luxury goods in the Philippines in 2024, although the share of retail e-commerce has also been growing. This is because there are a number of international luxury brands and services which are not yet available via physical channels in the country, leading consumers to seek them out online.
What next for luxury goods?
Luxury goods will maintain growth over the forecast period, in line with the ongoing urbanisation in the country, and further supported by the decreasing interest rates. Areas such as Cebu and Davao are tipped to be those to watch, where there is a growing number of high-income consumers.
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Overview:
Understand the latest market trends and future growth opportunities for the Luxury Goods 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.
Data and analysis in this report provides further detailed coverage dedicated to the following key categories, where applicable:
- Experiential Luxury
- Luxury Hotels
- Fine Wines/Champagne
- Premium and Luxury Cars
- Personal Luxury
- Designer Apparel and Footwear
- Luxury Eyewear
- Luxury Jewellery
- Luxury Leather Goods
- Luxury Portable Consumer Electronics
- Luxury Timepieces
- Luxury Writing Instruments and Stationery
- Super Premium Beauty and Personal Care
If you're in the Luxury Goods industry in Philippines, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
The Luxury Goods in Philippines report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volume and value sizes, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent research methodology, conducted in-country
This report answers:
- What is the market size of Luxury Goods in Philippines?
- Which are the leading brands in Luxury Goods in Philippines?
- How are products distributed in Luxury Goods in Philippines?
- How important is tourism in evaluating demand for Luxury Goods in Philippines?
- How is the rise of e-commerce changing the retail and competitive landscape?
- How has COVID-19 and global recession impacted demand for luxury goods? What are the opportunities amidst the adversity?
- Where is future growth expected to be most dynamic?
Luxury Goods in the Philippines
Luxury goods in 2024: The big picture
2024 key trends
Competitive landscape
Retailing developments
What next for luxury goods?
DISCLAIMER
Experiential Luxury in the Philippines
KEY DATA FINDINGS
Ongoing urbanisation trends and middle-class expansion help to support experiential luxury
Exclusive destinations are key to experiential luxury
Consumers re-embrace freedom in experiential luxury
Growing collaborations expected amongst experiential luxury groups
Loyalty rewards and credit functions attract consumers
Digitalisation increases competition amongst experiential luxury brands
Fine Wines/Champagne and Spirits in the Philippines
KEY DATA FINDINGS
Fine wines/champagne and spirits benefit from rebound in the hospitality sector
Perception of wine as a “healthier” drink boosts demand
Conventions and events help to educate consumers about wine varieties and attract further interest
Ongoing consumer preference for imported fine wines over local options
Collaborations expected between fine wines/champagne and spirits and hospitality giants
Ongoing trend for celebratory events will continue to support sales
Premium and Luxury Cars in the Philippines
KEY DATA FINDINGS
Sales of premium and luxury cars grow in parallel with the local economy
BMW takes back brand lead from Lexus
Ongoing shift from traditional gasoline to hybrid and electric models
Increase in EV charging stations in retail establishments influences demand
SUVs and crossovers forecast to be one of the top formats for luxury cars
Growth of luxury car clubs strengthens engagement and appreciation
Personal Luxury in the Philippines
KEY DATA FINDINGS
Designer apparel and footwear (ready-to-wear) benefits from both digitisation and “Quiet Luxury”
Luxury eyewear gets the personal touch and incorporates AI
Luxury jewellery benefits from influencer marketing
Luxury leather goods see a sustainable makeover
Luxury wearables gain smart functions in line with technology developments
Rolex remains seen as the king of luxury timepieces
Luxury writing instruments and stationery offer affordable status symbols
Super premium beauty and personal care continues to benefit from post-pandemic boom
Personalisation will be an ongoing trend across luxury categories
Success of international luxury brands hinders growth of local options
Ongoing demand for sustainable materials and “meaningfulness”
The following categories and subcategories are included:
Luxury Goods
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- Luxury Foodservice
- Luxury Hotels
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- Fine Champagne
- Other Fine Wine
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- Luxury Brandy and Cognac
- Luxury Whiskies
- Other Luxury Spirits
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- Premium and Luxury Cars
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- Men's Designer Apparel
- Women's Designer Apparel
- Designer Childrenswear
- Designer Clothing Accessories and Hosiery
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- Children's Designer Footwear
- Men's Designer Footwear
- Women's Designer Footwear
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- Luxury Spectacle Frames
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- Men's Luxury Sun Glasses
- Women's Luxury Sun Glasses
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- Luxury Costume Jewellery
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- Men's Luxury Fine Jewellery
- Women's Luxury Fine Jewellery
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- Men's Luxury Bags and Small Leather Goods
- Women's Luxury Bags and Small Leather Goods
- Luxury Travel Goods
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- Luxury Wearables Electronics
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- Men's Luxury Timepieces
- Women's Luxury Timepieces
- Luxury Writing Instruments and Stationery
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- Super Premium Colour Cosmetics
- Super Premium Fragrances
- Super Premium Skin Care
- Other Super Premium Beauty and Personal Care
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Luxury Goods
This is an aggregation of: Personal Luxury, Fine Wines/Champagne and Spirits, Luxury Cars and Experiential Luxury.
See all of our definitionsWhy buy this report?
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This report originates from Passport, our Luxury Goods research and analysis database.
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