Published on : Dec 09, 2016
Albany, New York, December 9, 2016: 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, states a new report added to the Market Research Hub online repository. The report is titled as “Retailing in the Philippines- Market Summary & Forecasts”, which 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.
The report has studied the retail industry 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-
- 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
- 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.
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With forecasts until 2020, the readers will also understand the fastest-growing categories in the market with insights on performance of individual product categories across key channels from 2010. Additionally, market dynamics of these categories, analysis of the latest trends in consumer shopping, consumer insights and the preferences & reviews of the latest best practice in online retail site design are also discussed in the report.
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