Turkey's Luxury Goods Market is
expected to grow at an impressive pace during the forecast period. Luxury
products can be categorized as non-essential, pricey, and bought by affluent
customers in the higher income bracket. The Turkey market for luxury goods is
transforming as a result of factors including digital advancements, new
technologies, rising personal wealth, fluctuating currencies, shifting player
marketing strategies, and expanding media influence. Growth is also expected to
be aided by the growing popularity of e-commerce sites for purchasing luxury
goods. Many upscale businesses have used the crisis of COVID-19 to develop and
implement an online and omnichannel strategy. In Turkey, e-commerce has
successfully lured new markets and customer segments during the COVID-19 turmoil,
and a similar trend is expected in other geographical areas. Additionally, it
is expected that the market will benefit from the unmet demand, particularly
among millennials and Generation Z consumers, in the post-COVID period.
Brick-and-mortar sales are expected
to continue making up a significant portion in the coming years, even though
online luxury goods are increasingly replacing physical store sales. Turkey
exported apparel worth $16.676 billion from January to November 2021 as
compared to $13.555 billion in the corresponding period in 2020.
New
Product Launches Fuels Market Growth
Turkish manufacturers of
luxury goods such as jewelry, watches, clothing, footwear, bags, accessories,
cosmetics, and fragrances are launching new products to attract consumers and
increase their sales and revenues, further expanding the luxury goods market in
Turkey. For instance, one of the top luxury cosmetics companies in the world,
Valmont, recently debuted a new product at the Raffles Istanbul. The brand
combined the community life of Istanbul with the brand by introducing the
Luminosity series.
Attracting the Younger
Population Aids Market Growth
Luxury goods manufacturers
have begun to focus on a new consumer class in this fast-changing market. The
term "high-earners-not-rich-yet" (HENRY) refers to a new class of
consumers likely to gain more and more importance in the coming years.
Additionally, luxury goods producers are investing heavily to capture the
interest of the younger demographic, who will be the future buyers of luxury
goods. Turkey's market for luxury goods is likely to grow as efforts are made
to pique the younger generation's interest. These "new" tech-savvy
generation invest in brands in Turkey to market products using social and
digital media platforms because they want a seamless and personalized brand
relationship. They interact with both current and potential customers using the
same platform.
Company
Expansion is Driving Market Growth
Firmenich SA, the largest privately
owned luxury perfume and flavor company in the world and MG International
Fragrance Company launched the construction of a regional production hub in
Turkey in the form of a new Regional Perfumery Production Hub, on the MG
International campus outside of Istanbul, Turkey. With a 47 million Swiss franc
investment in the new plant, customers in Turkey, the Middle East, and the
"Stans" countries will have access to 20,000 metric tonnes of
additional capacity.
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Market Segmentation
Turkey luxury goods market is
segmented based on type, distribution channel, region, and company. Based on
type, the market is segmented into jewelry & watches, clothing &
footwear, bags & accessories, cosmetics & fragrances. Based on
distribution channel, the market is segmented into exclusive stores, airports,
e-commerce, specialty store & others (departmental stores,
hypermarket/supermarkets, multi-branded stores, etc.). The region's market is
segmented into Marmara, Central Anatolia, Mediterranean, Aegean, Southeastern
Anatolia, Blacksea, and Eastern Anatolia.
Market Players
L'Oréal Türkiye
Kozmetik Tic. ve San. A.Ş., Richemont Istanbul Luks Esya Dagitim A.S., Shaya
Mağazacılık A.Ş., Avon Kozmetik .rünleri Sanayi ve Ticaret A.Ş., ELCA Cosmetics
Ltd. Şti., Gucci Turkey Lüks Ürünler Ticaret Limited Sirketi, Fon Kozmetik San
Ve Ltd Sti, Smella Kozmetik İthalat İhracat Sanayi Ve Ticaret Ltd., Orkide
Perfume & Cosmetics San A.Ş. and Gülçiçek Kimya ve Uçanyağlar Sanayi ve
Ticaret A.Ş.are
the major market players in Turkey luxury goods market.
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Attribute
|
Details
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|
Base
Year
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2021
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Historic
Data
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2017 – 2020
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Estimated
Year
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2022
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Forecast
Period
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2023 – 2027
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Quantitative
Units
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Revenue
in USD Million, and CAGR for 2017-2021 and 2022-2027
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Report
Coverage
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Revenue
forecast, company share, competitive landscape, growth factors, and trends
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Segments
Covered
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Type
Distribution
Channel
Region
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Regional
scope
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Marmara,
Central Anatolia, Mediterranean, Aegean, Southeastern Anatolia, Blacksea,
Eastern Anatolia
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Key
companies profiled
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L'Oréal Türkiye Kozmetik Tic.
ve San. A.Ş., Richemont Istanbul Luks Esya Dagitim A.S., Shaya Mağazacılık
A.Ş., Avon Kozmetik .rünleri Sanayi ve Ticaret A.Ş., ELCA Cosmetics Ltd.
Şti., Gucci Turkey Lüks Ürünler Ticaret Limited Sirketi, Fon Kozmetik San Ve
Ltd Sti, Smella Kozmetik İthalat İhracat Sanayi Ve Ticaret Ltd., Orkide
Perfume & Cosmetics San A.Ş., Gülçiçek Kimya ve Uçanyağlar Sanayi ve
Ticaret A.Ş., etc.
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Customization
scope
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10% free report
customization with purchase. Addition or alteration to country, regional
& segment scope.
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Pricing
and purchase options
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Avail
customized purchase options to meet your exact research needs. Explore purchase options
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Delivery
Format
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PDF and Excel through
Email (We can also provide the editable version of the report in PPT/Word
format on special request)
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Report Scope:
In this report, Turkey luxury goods
market has been segmented into the following categories, in addition to the
industry trends which have also been detailed below:
- Turkey Luxury Goods
Market, By Type:
- Jewelry & Watches
- Clothing & Footwear
- Bags & Accessories
- Cosmetics & Fragrances
- Turkey Luxury Goods
Market, By Distribution Channel:
- Exclusive Stores
- Airports
- E-Commerce
- Specialty Store & Others
- Turkey Luxury Goods Market, By Region:
- Marmara
- Central Anatolia
- Mediterranean
- Aegean
- Southeastern Anatolia
- Blacksea
- Eastern Anatolia
Competitive Landscape
Company
Profiles: Detailed
analysis of the major companies present in Turkey luxury goods market.
Available Customizations:
With
the given market data, TechSci Research offers customizations according to a
company’s specific needs. The following customization options are available for
the report:
Company Information
- Detailed analysis and profiling of
additional market players (up to five).
Turkey Luxury Goods Market is an upcoming report to
be released soon. If you wish an early delivery of this report or want to
confirm the date of release, please contact us at [email protected]