Retail sector which has been backed
by improving economic conditions, government efforts to boost domestic
consumption, comparatively low inflation levels as well increasing disposable
income in Philippines is expected to witness healthy growth in the next five
years. The report Retailing in
the Philippines- Market Summary & Forecast
provides data for historic and forecast retail sales during 2015-2020. It also
includes information on the business environment and country risk related to
the Philippines retail environment.
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| Retail Market |
The report has studied the retail industry scope in Philippines and observed that due to the economic and social
developments, it will continue to maintain its momentum. The major key factors
in the growth of retail industry are rising population, changing consumer
trends and rising purchasing power. Another major factor driving the retailing
market in Philippines is the adoption of internet, social media, mobile phones
and broadband.
It creates opportunity for retailers to sell their products via
online channels because almost half of the population is mobile-friendly and
also growing youth segment who like to shop online instead of shopping from
stores is also a factor boosting the market growth. This growing ubiquity of
high-speed internet access is also fueling the growth of sales of products
through the online channel and the trend is expected to gain further purchase
over the next five years.
In the next section, the report
describes key product categories and its retail sales. The categories includes-
- Clothing
- Footwear
- Food and Grocery
- Books, News and Stationery
- Music, Video and Entertainment Software
- Watches and Accessories
- Health & Beauty
- Electrical and Electronics,
- Furniture and Floor Coverings
- Home and Garden Products
- Sports and Leisure Equipment
- Jewelry
- Luggage and Leather Goods
According to the key findings, food
and grocery accounts for a major share of the country’s total retail sales.
Also, the luxury sector is set to witness healthy growth by 2020. The report
also analyzes key international & domestic players operating in the
Philippines retail market together with store counts and revenues that give
marketers a competitive edge and identify opportunities to improve their market
share.
