Market Insights Consumer Accessories Luggage & Bags

Bags & Containers - Philippines

Philippines

In the year 2024, the revenue generated in the Bags & Containers market in the Philippines amounts to US$0.59bn.
It is projected that this market will experience an annual growth rate of 5.74% from 2024 to 2029, as measured by the compound annual growth rate (CAGR).
When compared globally, in the United States leads in terms of revenue generation in this segment, with a total of US$6,421m in 2024.
Looking at the per capita figures, in 2024, in the Philippines generates revenues of US$4.91 per person.
This indicates the amount of revenue generated per individual in relation to the total population.
The demand for eco-friendly bags and containers is increasing rapidly in the Philippines as consumers become more conscious about sustainability.

Key regions: United States, India, Canada, Europe, France

Market

Region

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Currency

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on consumer spending on accessories, including watches and jewelry, as well as luggage and bags. that are produced for private end consumers. Retail sales through both offline and online sales channels are included.

Modeling approach / Market size:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, market data from third-party sources (e.g., independent databases), historical developments, current trends, as well as survey results from our primary research (e.g., the Statista Consumer Insights Global survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and consumer spending. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, exponential trend smoothing is well suited for making forecasts about the Accessories market, which is projected to grow steadily. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).