A double digit-growth for the consumer industry in 2013 is predicted by the Philippine Retail Association (PRA), a group of homegrown retailing firms. This growth is driven by continuous growth in retail companies mainly due to a number of local and international retail brands.
In 2013, a double-digit growth for the retail sector is expected to reach at least 10%. The retail sales reached P1.42 trillion in 2012, but this year traditional growth drivers are expected to increase the sales of the Philippine retail industry, according to Frederick D. Go, PRA president in an interview, published on manilatimes.net. He also said that the election which is going to happen this year is one of the main drivers for the growth of consumer industry. He also added that whole retail industry is expected to welcome more players coming in, including foreign brands into the Philippine market which will also be a boost to the retail industry.
Mr Go said that in 2013, there would be growth in BPO (Business Process Outsourcing) industry, which is another strong industry and a dollar earner for the country because it provides high-quality jobs, high-paying jobs for the Filipino youth.
He also said that the food and clothing sectors might perform well in 2013. In terms of sales, food will be quite high up there as compared to the last decade or so, as food has been outpacing hard goods and is quite obvious that as people become wealthier, they tend to dine out more often. But on the other hand, trend to go in for more affordable clothing would be seen this year.
He also added that, franchising will become a trend that is going strong, will continue to enhance the retail sector as it already accounts for nearly 30% of retail sales. According to Philippine Franchise Association, franchising is a method of practicing and adopting another’s perfected business concept as a way of business.