Experiential luxury in Turkey showed a markedly improved performance in 2021, with current value sales rebounding at a high double-digit rate after having plummeted in 2020. The category’s turnaround began in earnest during the second quarter of the year as the rollout of COVID-19 vaccines allowed for the easing of public health restrictions that had been imposed to curb the spread of the virus.
Luxury foodservice operators in Turkey continued to increase their use of locally sourced ingredients in 2021. This well-established trend is partly driven by rising health-consciousness among Turkish consumers, as local ingredients are perceived to be fresher and more nutritious than imported alternatives.
Despite the challenging trading conditions resulting from the COVID-19 pandemic, investment in the development of new luxury hotels and other types of luxury accommodation facilities in Turkey continued in 2021. Among the new establishments to open their doors during the year were the Mandarin Oriental Bosphorus in Istanbul, the Four Seasons Resort and Private Residences in Bodrum and MGallery The Bodrum Hotel Yalikavak.
Experiential luxury is expected to develop positively in current value terms throughout the forecast period. Growth rates should remain relatively high in the short term as the anticipated easing of the pandemic continues to drive economic recovery, boost confidence among Turkish consumers and encourage the return of foreign tourists.
Millennials and members of Generation Z in Turkey are increasingly choosing to buy fewer physical luxury goods and instead spending more of their disposable incomes on experiences. Accordingly, these demographics will remain key target groups for experiential luxury service providers over the forecast period.
Having only been reinforced by the COVID-19 pandemic, the health and wellness trend will continue to shape competitive strategies in experiential luxury over the forecast period. For example, luxury hotel operators are expected to expand their offer of health-oriented services, especially spa packages.
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Understand the latest market trends and future growth opportunities for the Experiential Luxury industry in Turkey with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This is an aggregation of Luxury Hotels and Luxury Foodservice.
This report originates from Passport, our Experiential Luxury research and analysis database.
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