In its report – ‘Philippines Apparel and Footwear Outlook to 2019 – Increase in Influx of Foreign Brands’, Ken Research, a research analyst, has mentioned that apparel and footwear market of Philippines is expected to reach US $ 4.5 billion-mark by 2019 at a CAGR of 9.1%, with brands like Nike, Adidas, H&M, Forever 21 together with local brands – Penshoppe and Bench enthusing demand in the market.
The apparel and footwear market in the country has noted surge in growth in the past five years with rise in personal disposable income. Earnings from apparel and footwear market in Philippines have grown at a CAGR of 7.3% from 2009-2014 period.
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The analyst says, “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.”
With the report being unveiled just before the New Year, it will surely help apparel and footwear manufacturers, retailers, department stores among others to formulate fresh market centric strategies in accordance with the expected future trends.
