Household goods spending grows 7.5% to PHP270.4B

The BMI, a unit of Fitch Solutions, predicts that household goods spending in the Philippines will grow by 7.5% this year to PHP270.4 billion (USD4.8 billion) and average 7.1% annually through 2028, reaching PHP354 billion (USD6.1 billion).

This growth is driven by rising incomes among the expanding middle class, particularly tech-savvy urban residents.

Improvements in the housing market are expected to boost spending on consumer electronics and home furnishings as more households move into higher-income brackets.

Colliers Philippines reported that secondary residential market vacancies dropped to 16.8% at the end of December from 17.1% a year earlier, with about 23,400 condominium units sold in the National Capital Region last year.

The Filipino household goods consumer market is dynamic, offering access to both local and international retailers through various retail formats including online platforms, out-of-town superstores, city-center display stores, and e-commerce.