Philippines Sportswear Market Is Expected to Reach USD 1500 Million in the Coming Years

Gurgaon, Haryana, January 27, 2016 (Newswire.com) - According to a market research report titled "Philippines Apparel and Footwear Market Outlook to 2019 - Increase in Influx of Foreign Brands" by Ken Research

Apparel and footwear has been one of the secondary utility items on the list of local customers in the Philippines. The total sales of these products in the local market have observed steady growth over the review period with a CAGR of 7.3% during 2009-2014. The fashion industry in Philippines is 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 apparel industry in Philippines has been considered as one of the most steadily growing markets in the country. It comprised of sale of menswear, women’s wear and children wear. These have further included apparel and footwear products on the basis of the formal wear, casual wear, active wear and others.

Domestic brands such as Bench, Penshoppe, M&Co and others are popular amongst shoppers due to low pricing and high quality of products. Golden ABC is one of the most famous fashion retailers in the country. Additionally, foreign apparel retailers have formed partnerships with major local distributors such as the SM Group, Robinsons Retail, Bench Corporation and others to ensure better sales. The liberalization of trade in Philippines has allowed companies such as H&M and Giordano, among others, to enter the local apparel market.

Footwear products in Philippines have observed a surge in growth, since 2009. The expansion of footwear market in Philippines is owed to the firm demand of foreign brands. The revenue generated from the sales of footwear products in Philippines showcased a CAGR of 6.9% during the timeframe 2009-2014. Companies such as GB Shoes and Rusty Lopez have been active in the export market of Filipino footwear. Demand of low cost and high quality products from the US and Japan have resulted in an increase in footwear exports and have hence, supplemented the sustenance of the local industry.

The sportswear market in the Philippines has been considered as a sub-segment of the complete apparel and footwear industry. Sportswear has been measured as one of the most comfortable and lucrative items in the Philippines apparel and footwear market. Filipinos have been accustomed to wear casual and comfortable clothing which possesses brand value and also caters to their unique style of fashion. The sportswear industry has included production of athletic footwear and apparel.

The internet facilities in Philippines have been on a rise since 2009 with a rapid adoption rate amongst the young population. The number of internet users has showcased growth from 8.3 million in 2009 to 39.4 million in 2014. An explosion in internet usage has resulted in the development of e-commerce industry which has been in an infancy stage since yester years. Due to the establishment of online portals and retail websites, the revenue generated by the sale of apparel and footwear products have observed a significant escalation. Domestic domains such as Lazada, OLX, eBay and Zalora have been the major e-commerce website for the retail of apparel and footwear products in the Philippines. These payers have been responsible for the initial penetration of e-commerce in the local Filipino online retail market and have showcased a platform for growth in the coming years.

For more information on the market research report please refer to the below mentioned link:

Source: https://www.kenresearch.com/consumer-products-and-retail/textile-apparel-and-footwear/philippines-apparel-footwear-market/5245-95.html

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