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.
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.
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.
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.
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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Luxury Goods
This is an aggregation of: Personal Luxury, Fine Wines/Champagne and Spirits, Luxury Cars and Experiential Luxury.
See All of Our DefinitionsThis report originates from Passport, our Luxury Goods research and analysis database.
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