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Follow on Google News | New Market Research Report: Philippines Retail Report Q2 2011New Retailing market report from Business Monitor International: "Philippines Retail Report Q2 2011"
The Philippines' nominal GDP is a forecast US$230.9bn in 2011. Average annual GDP growth of 5.3% is predicted by BMI through to 2015, reaching US$315.9bn. With the population expected to increase from an estimated 95.5mn in 2011 to 102.7mn by 2015, GDP per capita is forecast to rise by more than 27% by the end of the forecast period, reaching US$3,076. Although salaries in the Philippines remain low - BMI forecasts the 2011 average annual wage at US$1,924 - household incomes are substantially bolstered by contributions from family members working overseas. Total remittances into the country rose by 7.9% year-on-year over the first 10 months of 2010, bringing the total to US$15.5bn. The 9.3% annual increase to US$1.7bn in October 2010 was the highest level for the year, according to the central bank. The government forecast remittances to grow by an annualised 6-8% for FY10. BMI expect the growth of remittances - which contribute around 10% of GDP - to remain in positive territory despite expectations of a slowdown in 2011. Indeed, remitted funds by overseas Filipino workers have enabled the economy to maintain positive growth during the global economic downturn, and we expect such inflows to help the Philippines perform better than its peers in 2011. With the majority of remittances going into consumption rather than investments, the retail industry is one of the beneficiaries. In urban areas in particular there are also increasing numbers of dual-income, middle-class families and young professionals who are boosting retail sales. The country's growing youth population represents a key element of future retail spending. According to UN data, 36.7% of the Philippine population was in the 20-44 age range in 2005. This is forecast to increase to nearly 39% by 2015. The proportion of the population classified by the UN as economically active was 60.9% in 2005 and should rise to almost 63% by 2015. The urban population, which accounted for 62.6% of the total in 2005, is predicted to reach nearly 70% by 2015. About 50% of the country's total retail sales are concentrated in the Manila metropolitan area. Consumer electronic sales are forecast to be worth US$4.45bn in 2011, according to BMI data, rising to US$6.17bn by 2015 (+38.6%). This sub-sector has significant growth potential, with BMI projecting a CAGR of 9% between 2011 and 2015, one of the highest in the region. There is a relative lack of penetration in key product categories, with PC penetration of less than 10% and LCD TV penetration of less than 1%. A large and growing population, coupled with low levels of drug consumption, is likely to see sales of over-the-counter (OTC) pharmaceutical products increase from US$0.78bn in 2011 to US$1.05bn by 2015, a rise of more than 34%. Vehicle sales, meanwhile, should rise by 49%, from US$1.48bn in 2011 to US$2.21bn by the end of forecast period as levels of car ownership slowly increase - the very low level of car ownership in the Philippines (far lower than Indonesia's 13%) means the market has significant long-term potential. Retail sales for the BMI universe of Asian countries in 2011 are a forecast US$3.05trn. China and India are predicted to account for nearly 91% of regional retail sales in 2011, and by 2015 their share of the regional market is expected to be almost 93%. Growth in regional retail sales for 2011-2015 is forecast by BMI at 75.2%, an annual average 14.9%. India should experience the most rapid rate of growth, followed by China. The Philippines' forecast market share of 1.0% in 2011 is expected to decrease to 0.7% by 2015. For more information or to purchase this report, go to: - http://www.fastmr.com/ About Business Monitor International Business Monitor International (BMI) offers a comprehensive range of products and services designed to help senior executives, analysts and researchers assess and better manage operating risks, and exploit business opportunities, across 175 markets. BMI offers three main areas of expertise: Country Risk BMI's country risk and macroeconomic forecast portfolio includes weekly financial market reports, monthly regional Monitors, and in-depth quarterly Business Forecast Reports. Industry Analysis BMI covers a total of 17 industry verticals through a portfolio of services, including in-depth quarterly Country Forecast Reports. View more research from Business Monitor International at http://www.fastmr.com/ About Fast Market Research Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available. For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156. # # # Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available. End
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