Personal accessories in 2024: The big picture
The growing population of the Philippines has been a key factor in fuelling demand for personal accessories, a trend which continued in 2024. Alongside this, the country is experiencing significant urbanisation, with major shopping destinations such as Opus Mall, which made its debut early in the year, driving retail expansion.
2024 key trends
Technological innovation is a key trend in personal accessories, with brands introducing new, groundbreaking features. For example, Ray-Ban’s smart glasses with Meta AI now include video call functionality, bags from Hawk are being designed with antibacterial properties, and Apple’s digital watches are not only touch-free but also dust-resistant.
Competitive landscape
Top personal accessory brands such as Apple, Hawk, and Casio have become more agile in terms of diversifying their product ranges in a bid to maintain a competitive edge and foster consumer loyalty. However, for high-value products like fine jewellery, luxury bags, and watches, consumers tend to remain loyal to established, well-known brands such as Rolex, Hermes, Gucci, Chanel, and Louis Vuitton.
Retailing developments
The rise of local entrepreneurs within personal accessories has expanded significantly, as exemplified by brands like Halo-Halo and Aranaz in the bags segment. At the same time, retail channels have evolved from traditional single-brand stores to multi-brand outlets, such as Frankies and Rockwellist.
What next for personal accessories?
The personal accessories market in the Philippines is expected to continue growing in both online and offline channels in the coming years. This will be driven by ongoing urbanisation, which is leading to the expansion of retail outlets and providing consumers with better access to e-commerce.
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Overview:
Understand the latest market trends and future growth opportunities for the Personal Accessories 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:
- Bags and Luggage
- Jewellery
- Watches
- Writing Instruments
If you're in the Personal Accessories 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 Personal Accessories 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 Personal Accessories in Philippines?
- Which are the leading brands in Personal Accessories in Philippines?
- How significant is tourism in determining sales and demand for Personal Accessories in Philippines?
- How are COVID-19 and global recession impacting demand for Personal Accessories in Philippines?
- In the wake of COVID-19, how soon can Personal Accessories be expected to recover? Where are the opportunities for growth now?
- Where is future growth expected to be most significant?
Personal Accessories in the Philippines
Personal accessories in 2024: The big picture
2024 key trends
Competitive landscape
Retailing developments
What next for personal accessories?
DISCLAIMER
Bags and Luggage in the Philippines
KEY DATA FINDINGS
Bags outperform luggage in terms of growth
Local brands maintain strong consumer loyalty as international players ramp up marketing investments
Rise of "premium-luxury" bags, driven by social media and influencer marketing
Continuous expansion of local and international travel routes will boost demand
Innovation will embrace fashion and functionality, with personalisation remaining ongoing trend
Pop-up bazaars will provide avenue for local bag entrepreneurs, while e-commerce will continue to gain traction
Jewellery in the Philippines
KEY DATA FINDINGS
Lab grown diamonds gain popularity in view of environmental and financial concerns
K-pop and maximalist designs drive growth of costume jewellery amongst millennials
Pawnshops and e-commerce platforms drive engagement in fine jewellery
Fine jewellery will remain culturally important in Filipino Chinese traditions
Rise in financial literacy will drive online fine jewellery purchases
Proposed simplified mining fiscal regime could attract investment in local mining industry
Traditional and Connected Watches in the Philippines
KEY DATA FINDINGS
Minimalist watches endure as versatile choice
Connected watches continue to see rapid growth, driven by demand for multifunctionality and affordability
Luxury watches especially for men, see increased demand in casinos and high-end retail outlets
Connected watches will lead expansion, driven by connected work culture and consumers investing in health
Cross-collaborations will continue to gain traction
Shift to online sales, driven by e-commerce expansion and attractive incentives
Writing Instruments in the Philippines
KEY DATA FINDINGS
Digitalisation contributes to slowdown in growth of writing instruments
Personalisation gains appeal in offline channels, as e-commerce gains traction
Growing popularity of colouring as therapeutic activity
Writing instruments will remain vital, despite trend towards digitalisation
Child-safe writing instruments will gain traction
Expected rising demand for eco-friendly offerings
The following categories and subcategories are included:
Personal Accessories
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- Backpacks
- Business Bags
- Crossbody Bags
- Duffel Bags
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- Non-Luxury Handbags
- Luxury Handbags
- Wallet and Coin Pouches
- Other Small Bags
- Luggage
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- Costume Jewellery
- Fine Jewellery
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- Basic Mechanical Watches
- Mid Mechanical Watches
- High Mechanical Watches
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- Basic Quartz Analogue Watches
- Mid Quartz Analogue Watches
- High Quartz Analogue Watches
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- Basic Quartz Digital Watches
- Mid Quartz Digital Watches
- High Quartz Digital Watches
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- Basic Quartz Analogue Watches
- Basic Quartz Digital Watches
- Basic Mechanical Watches
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- Mid Quartz Analogue Watches
- Mid Quartz Digital Watches
- Mid Mechanical Watches
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- High Quartz Analogue Watches
- High Quartz Digital Watches
- High Mechanical Watches
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- Basic Activity Watch (Analogue)
- Mid Activity Watch (Analogue)
- High Activity Watch (Analogue)
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- Basic Activity Watch (Digital)
- Mid Activity Watch (Digital)
- High Activity Watch (Digital)
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- Basic Smart Wearables
- Mid Smart Wearables
- High Smart Wearables
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- Colouring
- Markers and Highlighters
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- Graphite Pencils
- Mechanical Pencils
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- Ball Point Pens
- Fountain Pens
- Roller Ball Pens
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- Pen Inkwells and Refills
- Pencil Lead Refills
- Other Writing Accessories
Personal Accessories
Personal Accessories refers to a diversified group of personal products including Bags & Luggage, Jewellery, Watches and Writing instruments.
See all of our definitionsWhy buy this report?
- 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
This report originates from Passport, our Personal Accessories research and analysis database.
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