Philippines

Retail current value sales of premium and luxury cars rose by 29% in 2023 to reach PHP38.2 billion. Higher demand came from higher-income consumers, with expenditure proving resilient in the face of macroeconomic headwinds. Wealth determines the…

Personal luxury retail current value sales increased by 11% in 2023 to total PHP198.2 billion, supported by the performances of leading brand owners, such as LVMH Moët Hennessy Louis Vuitton SA, Kering SA and Rolex SA. Growth was fuelled by…

Retail value sales of luxury goods in the Philippines rose by 16% in 2023 in current terms to stand at PHP340.4 billion. The revival of shopping in person and the resurgence of travel and tourism presented favourable opportunities for consumers to…

Retail current value sales of fine wines/champagne and spirits grew by 16% in 2023 to total PHP66.8 billion, as a result of consumers’ desire to make the most of freedoms and open society after the Coronavirus (COVID-19) pandemic. Enjoying a drink…

Despite macroeconomic adversity on a global scale, tourist demand in 2023 was on the rise, with a growing number of visitors taking their holidays in the Philippines. This represents an improvement on 2021 and 2022, when restrictions related to…

Yoghurt and sour milk products continued to record robust growth in retail volume terms in 2023. Sales are almost entirely made up of drinking yoghurt, and Yakult in particular, which benefits from local production. During the pandemic, the brand…

Soy drinks remained the only significant subcategory within plant-based dairy in 2023. Retail volume sales of soy drinks declined sharply during the COVID-19 pandemic in 2020 and 2021, due to decreased incidence of impulse purchases through…

The home cooking trend continued as a key driver for growth for other dairy in 2023, despite an increase in consumer mobility, as many workers returned to their pre-COVID-19 routines. This tendency took off during the pandemic, when facing extended…

Drinking milk products represented the largest category within dairy products and alternatives, having accounted for more than 40% of retail volume sales in 2023. The market is characterised by the strong appeal of shelf stable milk, largely due to…

Retail sales of dairy products and alternatives recorded slightly accelerated growth in volume terms in 2023, when compared to the previous year. This was partly due to easing inflationary pressures, as energy and food prices posted lower increases,…

Despite continued inflationary pressures, cheese continued to exhibit a robust performance in retail volume terms in 2023. As the cost of cheese was prohibitive for some consumers, economy-priced spreadable and processed offerings, such as Cheese…

Butter and spreads saw accelerated growth in retail volume terms in 2023, thanks to the continuation of the home cooking and baking boom, which took off during the pandemic and which showed no signs of abating, despite that fact that consumers spent…

Baby food failed to display the same degree of dynamism as many other categories within dairy products and alternatives in 2023, due to the falling birth rate. While family is still of utmost importance to Filipinos, women are increasingly pursuing…

Beer is the largest alcoholic drinks category in the Philippines, and saw an accelerated revival in 2022, helped by a strong recovery in sales through the foodservice channel. After the COVID-19 pandemic hit the Philippines, packaging unit volumes of…

The Filipino travel industry continued to recover in 2023, with the volume of inbound arrivals having recorded triple-digit growth over the previous year. This followed the easing of all remaining international travel restrictions, including COVID-19…

Inbound arrivals (in terms of number of trips) continued to recover in 2023, having recorded triple-digit growth over the previous year. This followed the easing of all remaining international travel restrictions, including COVID-19 test…

Hotels in the Philippines continued to bounce back in 2023, with the number of room nights being close to pre-pandemic levels. The sector suffered during the pandemic, due to mobility restrictions, with resulted in some hotels closing for business on…

Retail sales of bookings continued to grow strongly in constant value terms in 2023. This rebound was driven largely due to pent-up demand, as well as strong growth in domestic tourism and the rising popularity of staycations by domestic travellers.…

The volume of passengers travelling by air surpassed pre-COVID-19 levels in 2023. This was due to the easing of pandemic-related restrictions, which encouraged consumers to revive any travel plans that had been put on hold during the pandemic.…

After seeing strong pandemic driven growth in 2021 and 2022, wearable electronics continues to see strong growth momentum in 2023 in retail volume terms. This dynamism stems from growing awareness of the importance of maintaining a healthy and active…