The luxury goods market in Turkey is projected to sustain double-digit growth in current value terms in 2024, albeit at a slower rate than the previous year. The country continues to contend with persistently high inflation and elevated interest rates, which are significantly affecting consumer spending, particularly on discretionary items.
Sustainability is a pivotal trend reshaping Turkey's luxury market, as both global and local brands increasingly adopt eco-friendly practices to appeal to environmentally and socially conscious consumers. This shift includes the use of ethically sourced materials, waste reduction, renewable energy adoption, and the implementation of circular fashion models that extend the lifecycle of products.
Despite ongoing economic challenges, luxury brands like Gucci and Prada continue to expand in Turkey's high-end shopping districts. Store expansions have been steady throughout the review period, reflecting sustained demand from affluent consumers and tourists.
E-commerce continues to gain traction in Turkey, with manufacturers and retail chains significantly boosting their investments in online platforms. This is accompanied by improved internet access and increasing consumer comfort with online shopping.
The market for luxury goods in Turkey is expected to continue its buoyant performance throughout the forecast period. Despite ongoing economic challenges, affluent consumers are demonstrating a robust demand for items such as designer handbags, high-end watches and premium fashion apparel.
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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.
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.
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.
Luxury Goods
This is an aggregation of: Personal Luxury, Fine Wines/Champagne and Spirits, Luxury Cars and Experiential Luxury.
See All of Our DefinitionsThis report originates from Passport, our Luxury Goods research and analysis database.
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