Theapparel and footwear market of Philippines has been influenced greatly by their
native ancestors. Filipinos had conformed their way of dressing due to three
factors, namely, colonial influence, media influence and climatic conditions.
The apparel and footwear industry of Philippines had become quite famous for
its unique products. Philippines apparel and footwear industry has been largely
driven by the demand for various local and international branded products in
the country. The native population has majorly used crude weaving in order to
manufacture garments since the Spanish era. The country has been continuously
witnessing an increasing business and consumer confidence which has been
stimulated by increasing disposable income of buyers, especially among young
professionals in urban areas.
The
value chain of apparel and footwear in the Philippines has been divided into
two major categories, namely, international and local production. The products
which are manufactured internationally are imported through traders majorly
using sea routes and are then distributed to retail outlets across the country.
Foreign brands have targeted popular shopping malls, retail outlets and their
exclusive stores to promote and their sell their products in the local Filipino
market. On
the other hand, local manufacturing of apparel and sportswear products
undergoes a series of steps before the availability of the finished product.
The
fashion industry in Philippines has been comprised of two major products,
apparel and footwear. The demand of both apparel and footwear in the Philippine
market has remained strong over the years despite of several down-face factors.
The year 2014 witnessed a higher demand of apparel products in comparison to
footwear. The
total sales of apparel have showcased a higher percentage share of the market
during the review period 2009-2014 due to the demand of higher variety of usage
in the daily lives of people. The Philippines also possesses a more tropical climate with high
humidity and rainfall. Hence, the people tend to change apparel products on a
more frequent rate than footwear due to the impact of sweat on clothes.
The
footwear and apparel market in the Philippines has been subject to seasonal
fluctuations. The months of May, October and November were observed as the high
sale months in the country. Additionally, it has been observed that Filipinos were significantly
attracted by discounts and clearance sales in the seasonal months which have
assisted in the growth of the overall apparel and footwear market. The segmentation of the
Philippines apparel market has witnessed stiff competition between the
population below 14 years of age and those above 14 years. In the year 2014,
the percentage share of the total revenues generated by the sale of apparels to
the population below 14 years of age is higher as compare to those above 14
years.
Local
manufacturing organizations which produce apparel products have majorly
exported their products to international markets. Higher demand in countries
such as the US and Japan has enabled traders to thrive in the Philippine
apparel market. Exports of apparel have showcased a fluctuating trend over the
timeframe 2009-2014 and have reflected a CAGR of 4.6%. The major countries that
registered apparel imports from Philippines include the United States of
America, Japan, Republic of Korea, Canada and Germany.
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Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249
Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249
