Following steep declines in 2020, luxury portable consumer electronics saw current value sales rebound strongly in 2021, and was by far the most dynamic performer among the main personal luxury categories in volume growth terms. Its impressive turnaround was underpinned by rising demand for luxury wearables with health and fitness tracking functionality.
Luxury mobile phones also showed a markedly improved performance in 2021, posting healthy growth in volume and current value terms after having recorded double-digit declines in 2020. However, it remained something of a niche category, as these products command very high prices have a narrow appeal in Turkey.
E-commerce continued to gain ground at the expense of non-grocery specialists in terms of retail distribution of luxury portable consumer electronics in 2021. While this trend has been underway for several years, it has been reinforced by the fallout of COVID-19, with lockdown measures and fear of potential exposure to the virus in brick-and-mortar stores leading more Turks to purchase these products online.
Luxury wearables looks set to perform positively throughout the forecast period, with volume sales projected to reach pre-pandemic levels by 2023. As in 2021, this category’s expansion will be driven by growth in demand for products that track biometric data and sports and fitness activities.
Luxury wearables should continue to benefit from a high level of new product development activity over the forecast period. Due to the fast pace of technological advancement in this category, consumers tend to replace these devices every few years.
Some luxury smartwatch producers have recently attempted to broaden the appeal of their brands by developing lower-priced models. For example, in 2021 Montblanc introduced the Summit Lite, which has a recycled aluminium case and is positioned as a more affordable version of its stainless steel Summit smartwatches.
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Understand the latest market trends and future growth opportunities for the Luxury Portable Consumer Electronics industry in Turkey with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Luxury portable consumer electronics include luxury mobile phones, luxury MP3 players and luxury wearables.See All of Our Definitions
This report originates from Passport, our Luxury Portable Consumer Electronics research and analysis database.
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