After the sharp slowdown seen at the start of the COVID-19 pandemic, sales of luxury goods continued to show signs of recovery in 2022. Sales of personal luxury have been boosted by the reopening of stores and the progression of the country’s COVID-19 vaccination programme, coupled with the easing of public health restrictions.
Sustainability is a new and growing trend when it comes to luxury goods in Turkey. Luxury brands have started to set standards for sustainable fashion in an area where short-term trends are essential to turnover as consumers go in search of the latest looks.
Due to the high prices of premium and luxury cars, brands from this category continued to account for the lion’s share of luxury goods in current value terms in Turkey in 2021, with Mercedes-Benz, Audi and BMW remaining the outright leaders in the market. Beymen was the highest ranked non-auto brand, placing fourth overall thanks to its commanding lead in designer apparel and footwear (ready-to-wear).
Consumers continue to enjoy the convenience of online shopping, with e-commerce set to see a further increase in its value share within luxury goods in 2022. The leading players are expected to expand their digital services, such as virtual try-on features, although physical stores will remain important in creating a bond with customers and creating a sense of exclusivity and luxury.
Luxury goods is expected to see stable if modest value (at constant 2022 prices) growth over the forecast period. During the pandemic, consumers had time to rethink their needs and started to reconsider what is important in their lives and this is also expected to influence how they approach luxury goods.
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Understand the latest market trends and future growth opportunities for the Luxury Goods industry in Turkey with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Data and analysis in this report provides further detailed coverage dedicated to the following key categories, where applicable:
If you're in the Luxury Goods 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: Personal Luxury, Fine Wines/Champagne and Spirits, Luxury Cars and Experiential Luxury.See All of Our Definitions
This report originates from Passport, our Luxury Goods research and analysis database.
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