Personal luxury was negatively affected by COVID-19 in 2020, with current value sales declining by over a fifth. However, certain products fared better than others.
Due to the diverse range of products that it covers, the competitive landscape of personal luxury remained highly fragmented, led by prestigious global brands such as Chanel, Louis Vuitton and Giorgio Armani. Brands such as these are highly desirable to Poles due to their aspirations and the wish to own the same brands and products as the most affluent consumers in more developed Western countries.
The availability of luxury brands remains limited in Poland, with many players within personal luxury choosing to use third parties rather than having their own distribution networks and brand outlets. They therefore tend to be sold through multi-brand stores which offer a range of products from different brands.
Once the threat of COVID-19 abates, retail current value of personal luxury will return to positive growth. If infection rates start to fall in 2021 and society opens up again, then value growth will be high in comparison with the value decline registered in 2020.
Personal luxury is predicted to record positive growth over the forecast period, in line with current value growth prior to COVID-19. Value sales of personal luxury are still relatively low in Poland and there is potential for further growth.
E-commerce benefitted from COVID-19 in 2020, with a significant increase of value sales of personal luxury through online channels. However, the growth is not expected to be as high over the forecast period.
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Understand the latest market trends and future growth opportunities for the Personal Luxury industry in Poland 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 Personal Luxury industry in Poland, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
This report originates from Passport, our Personal Luxury research and analysis database.
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