Philippines Luxury Goods Market Report and Forecast 2025-2034
Description
The Philippines luxury goods market reached around USD 6.10 Billion in 2024. The market is projected to grow at a CAGR of 4.20% between 2025 and 2034 to reach almost USD 9.20 Billion by 2034.
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 2025-2034 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
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
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 2025-2034 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
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
Table of Contents
88 Pages
- 1 Executive Summary
- 1.1 Market Size 2024-2025
- 1.2 Market Growth 2025(F)-2034(F)
- 1.3 Key Demand Drivers
- 1.4 Key Players and Competitive Structure
- 1.5 Industry Best Practices
- 1.6 Recent Trends and Developments
- 1.7 Industry Outlook
- 2 Market Overview and Stakeholder Insights
- 2.1 Market Trends
- 2.2 Key Verticals
- 2.3 Key Regions
- 2.4 Supplier Power
- 2.5 Buyer Power
- 2.6 Key Market Opportunities and Risks
- 2.7 Key Initiatives by Stakeholders
- 3 Economic Summary
- 3.1 GDP Outlook
- 3.2 GDP Per Capita Growth
- 3.3 Inflation Trends
- 3.4 Democracy Index
- 3.5 Gross Public Debt Ratios
- 3.6 Balance of Payment (BoP) Position
- 3.7 Population Outlook
- 3.8 Urbanisation Trends
- 4 Country Risk Profiles
- 4.1 Country Risk
- 4.2 Business Climate
- 5 Asia Pacific Luxury Goods Market Overview
- 5.1 Key Industry Highlights
- 5.2 Asia Pacific Luxury Goods Historical Market (2018-2024)
- 5.3 Asia Pacific Luxury Goods Market Forecast (2025-2034)
- 6 Philippines Luxury Goods Market Overview
- 6.1 Key Industry Highlights
- 6.2 Philippines Luxury Goods Historical Market (2018-2024)
- 6.3 Philippines Luxury Goods Market Forecast (2025-2034)
- 7 Philippines Luxury Goods Market by Product Type
- 7.1 Watches and Jewellery
- 7.1.1 Historical Trend (2018-2024)
- 7.1.2 Forecast Trend (2025-2034)
- 7.2 Perfumes and Cosmetics
- 7.2.1 Historical Trend (2018-2024)
- 7.2.2 Forecast Trend (2025-2034)
- 7.3 Clothing
- 7.3.1 Historical Trend (2018-2024)
- 7.3.2 Forecast Trend (2025-2034)
- 7.4 Bags/Purse
- 7.4.1 Historical Trend (2018-2024)
- 7.4.2 Forecast Trend (2025-2034)
- 7.5 Others
- 8 Philippines Luxury Goods Market by End User
- 8.1 Men
- 8.1.1 Historical Trend (2018-2024)
- 8.1.2 Forecast Trend (2025-2034)
- 8.2 Women
- 8.2.1 Historical Trend (2018-2024)
- 8.2.2 Forecast Trend (2025-2034)
- 9 Philippines Luxury Goods Market by Distribution Channel
- 9.1 Online
- 9.1.1 Historical Trend (2018-2024)
- 9.1.2 Forecast Trend (2025-2034)
- 9.2 Offline
- 9.2.1 Historical Trend (2018-2024)
- 9.2.2 Forecast Trend (2025-2034)
- 10 Market Dynamics
- 10.1 SWOT Analysis
- 10.1.1 Strengths
- 10.1.2 Weaknesses
- 10.1.3 Opportunities
- 10.1.4 Threats
- 10.2 Porter’s Five Forces Analysis
- 10.2.1 Supplier’s Power
- 10.2.2 Buyer’s Power
- 10.2.3 Threat of New Entrants
- 10.2.4 Degree of Rivalry
- 10.2.5 Threat of Substitutes
- 10.3 Key Indicators for Demand
- 10.4 Key Indicators for Price
- 11 Competitive Landscape
- 11.1 Supplier Selection
- 11.2 Key Global Players
- 11.3 Key Regional Players
- 11.4 Key Player Strategies
- 11.5 Company Profiles
- 11.5.1 Chanel Limited
- 11.5.1.1 Company Overview
- 11.5.1.2 Product Portfolio
- 11.5.1.3 Demographic Reach and Achievements
- 11.5.1.4 Certifications
- 11.5.2 Rolex SA
- 11.5.2.1 Company Overview
- 11.5.2.2 Product Portfolio
- 11.5.2.3 Demographic Reach and Achievements
- 11.5.2.4 Certifications
- 11.5.3 Giorgio Armani S.p.A
- 11.5.3.1 Company Overview
- 11.5.3.2 Product Portfolio
- 11.5.3.3 Demographic Reach and Achievements
- 11.5.3.4 Certifications
- 11.5.4 Estee Lauder Companies Inc.
- 11.5.4.1 Company Overview
- 11.5.4.2 Product Portfolio
- 11.5.4.3 Demographic Reach and Achievements
- 11.5.4.4 Certifications
- 11.5.5 Ralph Lauren Corporation
- 11.5.5.1 Company Overview
- 11.5.5.2 Product Portfolio
- 11.5.5.3 Demographic Reach and Achievements
- 11.5.5.4 Certifications
- 11.5.6 Cartier International AG
- 11.5.6.1 Company Overview
- 11.5.6.2 Product Portfolio
- 11.5.6.3 Demographic Reach and Achievements
- 11.5.6.4 Certifications
- 11.5.7 Burberry Group plc
- 11.5.7.1 Company Overview
- 11.5.7.2 Product Portfolio
- 11.5.7.3 Demographic Reach and Achievements
- 11.5.7.4 Certifications
Pricing
Currency Rates
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