German Companies exploring Business Opportunities in the Philippine Consumer Market
The children and baby product market in the Philippines presents enormous potential. In 2018, this product category has shown double digit growth. This was the consensus discussed at the conference Infant, Child and Family - Consumer Products Made in Germany held October 22, 2019 at New World Makati.
During the conference, seven German companies presented their consumer products and business solutions to the Philippine market. The conference with over 60 participants was organized by the German-Philippine Chamber of Commerce and Industry in close cooperation with the Philippine Retailers Association. Philippine and German experts from the public and private sector alike renowned speakers from the retail industry shared market insights and trends for business opportunities. Accommodating a full house, the attendees seized their chance to broaden their network and joined in business matchings.
With a growing population of 107 million and an economic growth of over 6% during the past seven years, the Philippines is one of the most dynamic markets in Southeast Asia. Increasing salaries have contributed to a growing middle class, improving the living standards of Filipinos. Consumer awareness is moving towards safety and health, young families are nowadays willing to spend more on high quality products. Imported Western brands are highly appreciated among Filipinos, especially those with the quality label “Made in Germany”. Therefore, the Philippines presents itself as a very attractive market offering considerable potential for companies belonging to the consumer product industry.
Atty. Paul Santos, Chairman of the Philippine Retail Association gave an update on the Philippine market potential, stating that consumers love shopping online while having a very strong attachment to physical stores. GPCCI President Tristan Arwen Loveres emphasized that the excellent reputation of German products along with the increasing demand for high quality products among Philippine consumers, provide attractive market opportunities for business cooperation between both economies.
The conference is part of a 4-day business mission of seven German companies namely Design Kindermöbel, Fehn, Feiler, Ihr Schreiner Thaler, Little Big Things, Küchle and Novatex visiting the Philippines for market exploration. The project is part of the official Foreign Market Entry Programme of the German Federal Ministry for Economic Affairs and Energy supporting German SMEs in their global outreach. In the days following the conference, the German companies will further explore partnership potentials with Philippine counterparts