In 2023, the Philippine economy has been more active compared with the previous few years, due to urbanisation. With more rural areas expected to be urbanised, and a continued increase in the working population expected in the forecast period as the next generation comes into the workforce, the growth of traditional and connected watches is also likely to continue.
Although international watch brands have been continually growing in the Philippines, due to the increased demand to purchase watches as an asset and investment, local brands are likely to try and increase their activity and the competition in the market, either through better designs or more affordable prices. Staying competitive requires constant innovation, marketing, and product differentiation, which are known to create high costs.
The popularity of large and bold personalised watch designs in the Philippines is being influenced by a combination of fashion trends, affordability, and personal expression. Coupled with the development of the consumer behaviour of wanting more unisex designs for personal accessories, products that are inclusive and have maximalist designs have become popular during 2023, and this is likely to continue into the forecast period.
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Understand the latest market trends and future growth opportunities for the Traditional and Connected Watches industry in Philippines with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Traditional and Connected Watches industry in Philippines, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
Traditional and Connected Watches
This report originates from Passport, our Traditional and Connected Watches research and analysis database.
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