‘Rising working class’ to boost consumer spending on personal care — report
The rise of middle class-wage earners which, in turn, is prompting more hygiene awareness, will boost local retail sales of health and beauty products, according to a leading data and analytics company.
In its report titled ‘The Health & Beauty Retailing in the Philippines, Market Shares, Summary & Forecasts to 2021’, GlobalData said the the increase in income is boosting consumer spending on personal care products.
“Similarly, the cosmetics and toiletries category, will be driven by a rising working class and an increasing consumer interest in global brands. Health is projected to drive future growth of sales in the sector,” the report read.
The report also noted that with the Philippines being one of the fastest-growing economies in Southeast Asia, the local retail sector is projected to grow at a “healthy” compound annual growth rate of 8.2% in the five years through 2021. This growth is tagged one of the highest in the region. — Janina C. Lim
