The category should continue to benefit from developing trends such as the increasing preference for more exclusive experiences over material possessions among younger Turks, and Turkey’s growing popularity as a luxury holiday and shopping destination among more affluent travellers from Russia and the Middle East. Sustained investment in the development of new luxury hotels and restaurants will likely also support the further expansion of the category.
Kempinski signed a new management contract for exclusive luxury residences in Istanbul with it being set to welcome its first guests by early 2024. Situated in a lush green valley, most of which will be preserved as a park, Kempinski Residences Balmumcu, Istanbul, will be home to 155 residences with Bosphorus views spread across five modern buildings and 11 exclusive villas.
Luxury hotels, like most luxury goods categories, will also see a growing focus on sustainability in Turkey over the forecast period. This will likely include the use of more sustainable construction materials and designs for new hotels, as well as measures being taken to make the running of existing luxury hotels more sustainable.
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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.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Experiential Luxury industry in Turkey, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
This is an aggregation of Luxury Hotels and Luxury Foodservice.See All of Our Definitions
This report originates from Passport, our Experiential Luxury research and analysis database.
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