New Retailing research report from Business Monitor International is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 02/21/2014 -- An expanding population with increasing levels of disposable income should result in a strong rise in household spending across all retail subsectors in the Philippines over the next few years. We are particularly positive about the future growth prospects for health and transport; however, we expect the highest proportion of the household budget to be spent on food & drink throughout our forecast period, with personal, insurance & other spending also taking a substantial share.
The Philippines retail report provides an extensive and comprehensive forecast of various retail indicators including household spending and headline total spending across each retail subsector, household income and employment forecasts, demographic forecasts and a detailed breakdown of household and per capita spending across a large number of retail areas including food & drink, clothing & footwear, household goods and a number of other subsectors.
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The Philippine retail landscape is still dominated by neighbourhood sari-sari convenience stores, pavement vendors and open-air markets, especially in rural areas. However, consumers are increasingly buying more goods in supermarkets and hypermarkets, attracted by promotions and affordable packs. In the Manila metropolitan area (Metro Manila) and other major urban areas, small grocery stores, convenience stores and gas-marts are being joined by supermarkets, hypermarkets, department and speciality stores, as well as by modern shopping malls.
In a country in which more than 31% of the population is in the 20-39 years age range, important for household spending on the retail sector, 'mega-malls' are attracting young consumers who aspire to the international brands that are increasingly becoming available. The wide choice of goods and leisure facilities available in the country's shopping malls also appeals to overseas foreign worker families, who have a strong shopping culture.
We see long-term potential in the Philippines consumer market, particularly for non-essential items and aspirational purchasing by younger consumers whose incomes are rising. We forecast the average net household income will be US$7,244 in 2014, with almost half of households falling into the bottom wage bracket of US$5,000+, and only just over 16% of households earning US$10,000 or more. However, by 2018, just over 30% of households are expected to be in this middle-income bracket, which represents the key demographic for increased household spending on luxury items beyond necessities such as food, utilities and transport. We expect a corresponding increase in household spending on furnishing & home, clothing & footwear, communications, personal care and restaurants & hotels.
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Browse all Retailing research reports at Fast Market Research
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