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Philippines Apparel and Footwear Market Grown Driven by Surge in Ecommerce Business and Increase in Influx of Foreign Brands
Highlights
Ken Research announced its latest publication on “Philippines Apparel and Footwear Outlook to 2019 – Increase in Influx of Foreign Brands” which provides comprehensive analysis of apparel and footwear products in the Philippines. The report covers various aspects such as market size, segment on the basis of organized and unorganized sector, product categories, domestically manufactured and imported products, location of raw materials and consumer profiling.
· Philippines Apparel and Footwear Market is expected to reach USD 4.5 billion by 2019
· Foreign companies such as Nike, Adidas, H&M, Forever 21 along with popular local brands such as Penshoppe and Bench are expected to fuel the rise of customer demand
Ken Research announced its latest publication on “Philippines Apparel and Footwear Outlook to 2019 – Increase in Influx of Foreign Brands” which provides comprehensive analysis of apparel and footwear products in the Philippines. The report covers various aspects such as market size, segment on the basis of organized and unorganized sector, product categories, domestically manufactured and imported products, location of raw materials and consumer profiling.
The report will help industry consultants, apparel and footwear manufacturers, retailers, department stores, shopping arcades and other stakeholders to align their market centric strategies according to ongoing and expected trends in the future.
The apparel and footwear market in the Philippines has witnessed steady growth in the recent five years on account of rising demand of trending products. The surge in growth has majorly originated due to the increase in personal disposable income and decrease in price of products. The establishment of local manufacturing units by foreign brands has supported the growth in the market and will likely lead to an increase in exports in the coming five years. The market has been dominated by apparel products which have accounted for ~% share in the total revenues in 2014. The revenues generated in the overall apparel and footwear market have grown at a CAGR of 7.3% from 2009-2014 to reach USD ~ million in the year 2014.
The competition in the market has intensified in the review period and is expected to amplify in the future years with the inception of more brands in the domestic market. As a result the competition amongst retailers will likely increase simultaneously. According to the research report, the Philippines apparel and footwear market will grow at a considerable CAGR of 9.1% from 2015-2019 thus bolstering revenues to USD 4.5 billion by the year 2019.
“While rise in disposable income, demand for international products and rise in e-commerce sales will result in increased spending on apparel and footwear products, stiff competition amongst manufacturers and retailers will drive down product pricing and would hence act as a major barrier for the industry”, according to the Research Analyst, Ken Research.
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