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Luxury goods was one of the areas hardest hit by the COVID-19 pandemic in 2020. Demand plummeted in many areas due to severely reduced consumer confidence affecting buyers' willingness to make high-value discretionary purchases, along with the deleterious impact of lockdowns in terms of the enforced closure of restaurants, hotels and non-essential retail. Demand from high-spending foreign tourists from countries such as Russia, China and the Gulf nations was also hit hard by travel restrictions...
Euromonitor International's Luxury Goods in Turkey report offers a comprehensive guide to the size and shape of the Luxury Goods market at a national level. It provides the latest retail sales data, allowing you to identify the sectors driving growth. It identifies the leading companies, the leading brands and offers strategic analysis of key factors influencing the market and their effects on Luxury Goods retailing along with the development of consumers' shopping patterns. Forecasts to 2025 illustrate how the market is set to change
Product coverage: Experiential Luxury, Fine Wines/Champagne and Spirits, Personal Luxury, Premium and Luxury Cars.
Data coverage: market sizes (historic and forecasts), company shares, brand shares and distribution data.
Why buy this report?
Get a detailed picture of the Luxury Goods market; Pinpoint growth sectors and identify factors driving change; Understand the competitive environment, the market's major players and leading brands; Use five-year forecasts to assess how the market is predicted to develop.TABLE OF CONTENTS
List OF CONTENTS AND TABLES
EXECUTIVE SUMMARY
COVID-19 impact on luxury goods
COVID-19 country impact
Company response
Retailing shift
What next for luxury goods?
MARKET INDICATORS
Table 1 Number of High Net Worth Individuals (HNWI): 2015-2020MARKET DATA
Table 2 Sales of Luxury Goods by Category: Value 2015-2020 Table 3 Sales of Luxury Goods by Category: % Value Growth 2015-2020 Table 4 Inbound Receipts for Luxury Goods by Country of Origin: Value 2015-2020 Table 5 NBO Company Shares of Luxury Goods: % Value 2015-2019 Table 6 LBN Brand Shares of Luxury Goods: % Value 2016-2019 Table 7 Distribution of Luxury Goods by Format and Category: % Value 2020 Table 8 Forecast Sales of Luxury Goods by Category: Value 2020-2025 Table 9 Forecast Sales of Luxury Goods by Category: % Value Growth 2020-2025DISCLAIMER
GLOBAL MACROECONOMIC ENVIRONMENT
GLOBAL INDUSTRY ENVIRONMENT
SOURCES
Summary 1 Research SourcesKEY DATA FINDINGS
2020 IMPACT
COVID-19 severely impacts demand for experiential luxury in 2020
VAT reduction aims to boost sales in the latter part of 2020
Pandemic fails to halt investment as LXR Hotels & Resorts enters Turkey in 2020
RECOVERY AND OPPORTUNITIES
Return of strong growth for experiential luxury post-COVID-19
Experiential luxury set to face stronger competition as consumers revert to ownership of luxury goods
Health and wellness trend set to rebound as recovery gathers pace
CATEGORY DATA
Table 10 Sales of Experiential Luxury by Category: Value 2015-2020 Table 11 Sales of Experiential Luxury by Category: % Value Growth 2015-2020 Table 12 NBO Company Shares of Experiential Luxury: % Value 2015-2019 Table 13 LBN Brand Shares of Experiential Luxury: % Value 2016-2019 Table 14 Forecast Sales of Experiential Luxury by Category: Value 2020-2025 Table 15 Forecast Sales of Experiential Luxury by Category: % Value Growth 2020-2025KEY DATA FINDINGS
2020 IMPACT
Luxury hotel operators fight to adapt to COVID-19 in 2020
Online services help to maintain connection with guests
Foreign visitors gradually return to tourist hotspots during summer 2020
RECOVERY AND OPPORTUNITIES
Luxury hotels set to see rapid normalisation in demand from 2021
Urban hotels and business travel face strong headwinds as recovery gathers pace
Luxury hotels set to expand range of personal services as operators continue to adapt to the new environment
CATEGORY DATA
Table 16 Sales in Luxury Hotels: Value 2015-2020 Table 17 Sales in Luxury Hotels: % Value Growth 2015-2020 Table 18 Sales in Luxury Hotels by Country of Origin: % Value 2015-2020 Table 19 NBO Company Shares in Luxury Hotels: % Value 2015-2019 Table 20 LBN Brand Shares in Luxury Hotels: % Value 2016-2019 Table 21 Forecast Sales in Luxury Hotels: Value 2020-2025 Table 22 Forecast Sales in Luxury Hotels: % Value Growth 2020-2025KEY DATA FINDINGS
2020 IMPACT
COVID-19 hits sales of fine wine and luxury spirits hard in 2020 as consumers seek lower-cost alternatives
Lack of tourists hits restaurant sales of fine wines and champagne as consumers turn to shopping in local stores
Slower growth for Pernod Ricard Turkiye as Moet & Chandon Brut Imperial becomes leading brand in 2020
RECOVERY AND OPPORTUNITIES
Persistent negative value growth expected as high taxes and currency fluctuations impact domestic demand over the forecast period
E-commerce set to remain off-limits as a sales channel for fine wines/champagne and spirits
Further tax increases set to continue driving local purchases to duty-free shops
CATEGORY DATA
Table 23 Sales of Fine Wines/Champagne and Spirits by Category: Value 2015-2020 Table 24 Sales of Fine Wines/Champagne and Spirits by Category: % Value Growth 2015-2020 Table 25 NBO Company Shares of Fine Wines/Champagne and Spirits: % Value 2015-2019 Table 26 LBN Brand Shares of Fine Wines/Champagne and Spirits: % Value 2016-2019 Table 27 Distribution of Fine Wines/Champagne and Spirits by Format: % Value 2015-2020 Table 28 Forecast Sales of Fine Wines/Champagne and Spirits by Category: Value 2020-2025 Table 29 Forecast Sales of Fine Wines/Champagne and Spirits by Category: % Value Growth 2020-2025KEY DATA FINDINGS
2020 IMPACT
Rising value sales despite the negative impact of COVID-19 on consumer confidence and purchasing plans in 2020
Increase in special consumption tax leads to significant price rises
Supply chain disruption leads to inventory shortages at dealerships in 2020
RECOVERY AND OPPORTUNITIES
Above-average growth for premium and luxury cars over the forecast period
Financial and supply chain impacts of pandemic set to prompt new alliances
E-commerce set to play a major role in future of luxury car sales and the customer experience
CATEGORY DATA
Table 30 Sales of Premium and Luxury Cars: Value 2015-2020 Table 31 Sales of Premium and Luxury Cars: % Value Growth 2015-2020 Table 32 NBO Company Shares of Premium and Luxury Cars: % Value 2015-2019 Table 33 LBN Brand Shares of Premium and Luxury Cars: % Value 2016-2019 Table 34 Forecast Sales of Premium and Luxury Cars: Value 2020-2025 Table 35 Forecast Sales of Premium and Luxury Cars: % Value Growth 2020-2025KEY DATA FINDINGS
2020 IMPACT
COVID-19 hits consumer confidence as uncertainty leads to cautious spending in 2020
Travel restrictions limit foreign tourist spending in 2020
Luxury brands commit to CSR and social projects during COVID-19 disruption
RECOVERY AND OPPORTUNITIES
Personal luxury set for gradual recovery as players face short-term pressure to offload inventory
Consolidation likely as smaller players left financially vulnerable in the wake of the COVID-19 downturn
Technology and a strong multichannel presence likely to protect against future shocks
CATEGORY DATA
Table 36 Sales of Personal Luxury by Category: Value 2015-2020 Table 37 Sales of Personal Luxury by Category: % Value Growth 2015-2020 Table 38 NBO Company Shares of Personal Luxury: % Value 2015-2019 Table 39 LBN Brand Shares of Personal Luxury: % Value 2016-2019 Table 40 Distribution of Personal Luxury by Format: % Value 2015-2020 Table 41 Forecast Sales of Personal Luxury by Category: Value 2020-2025 Table 42 Forecast Sales of Personal Luxury by Category: % Value Growth 2020-2025KEY DATA FINDINGS
2020 IMPACT
COVID-19 severely disrupts cycle of trade in designer apparel and footwear in 2020
Players divert resources to help in the fight against COVID-19 in 2020
Luxury brands launch fewer collections and turn to social media to maintain contact with consumers in 2020
RECOVERY AND OPPORTUNITIES
Slow route back to recovery as demand takes time to normalise following COVID-19 pandemic
E-commerce set to become a growing focus for players and retailers over the forecast period
Consumers increasingly likely to consider sustainability and "responsible consumption" when making purchase decisions
CATEGORY DATA
Table 43 Sales of Designer Apparel and Footwear (Ready-to-Wear) by Category: Value 2015-2020 Table 44 Sales of Designer Apparel and Footwear (Ready-to-Wear) by Category: % Value Growth 2015-2020 Table 45 NBO Company Shares of Designer Apparel and Footwear (Ready-to-Wear): % Value 2015-2019 Table 46 LBN Brand Shares of Designer Apparel and Footwear (Ready-to-Wear): % Value 2016-2019 Table 47 Distribution of Designer Apparel and Footwear (Ready-to-Wear) by Format: % Value 2015-2020 Table 48 Forecast Sales of Designer Apparel and Footwear (Ready-to-Wear) by Category: Value 2020-2025 Table 49 Forecast Sales of Designer Apparel and Footwear (Ready-to-Wear) by Category: % Value Growth 2020-2025KEY DATA FINDINGS
2020 IMPACT
Luxury eyewear insulated from worst impacts of the global pandemic on luxury goods sales in 2020
Retailers extend warranty and return periods to assist consumers during COVID-19 pandemic in 2020
Health and wellness benefits of luxury eyewear help players combat the rising tide of counterfeit products in 2020
RECOVERY AND OPPORTUNITIES
Negative average value growth set to persist in most areas throughout the forecast period
Enhanced services and solutions to common eyewear issues likely to provide growth opportunities
Strength in both physical and digital stores set to become key to maximising consumer engagement
CATEGORY DATA
Table 50 Sales of Luxury Eyewear by Category: Value 2015-2020 Table 51 Sales of Luxury Eyewear by Category: % Value Growth 2015-2020 Table 52 NBO Company Shares of Luxury Eyewear: % Value 2015-2019 Table 53 LBN Brand Shares of Luxury Eyewear: % Value 2016-2019 Table 54 Distribution of Luxury Eyewear by Format: % Value 2015-2020 Table 55 Forecast Sales of Luxury Eyewear by Category: Value 2020-2025 Table 56 Forecast Sales of Luxury Eyewear by Category: % Value Growth 2020-2025KEY DATA FINDINGS
2020 IMPACT
Reduced consumer confidence, fewer celebrations and less travel prompt a sharp fall in sales of luxury jewellery in 2020
Consumers look to affordable luxury and luxury costume jewellery in place of fine jewellery in 2020
Reliance on store-based sales hinders ability to adapt to challenges of COVID-19 crisis in 2020
RECOVERY AND OPPORTUNITIES
Luxury costume jewellery offers best prospects as sales struggle to return to pre-pandemic levels over the forecast period
Sustainability set to exert a stronger influence on consumer choices
Greater focus on timeless pieces and less reliance on seasonal trends
CATEGORY DATA
Table 57 Sales of Luxury Jewellery by Category: Value 2015-2020 Table 58 Sales of Luxury Jewellery by Category: % Value Growth 2015-2020 Table 59 NBO Company Shares of Luxury Jewellery: % Value 2015-2019 Table 60 LBN Brand Shares of Luxury Jewellery: % Value 2016-2019 Table 61 Distribution of Luxury Jewellery by Format: % Value 2015-2020 Table 62 Forecast Sales of Luxury Jewellery by Category: Value 2020-2025 Table 63 Forecast Sales of Luxury Jewellery by Category: % Value Growth 2020-2025KEY DATA FINDINGS
2020 IMPACT
Sales of luxury travel goods bear brunt of COVID-19 pandemic in 2020 while other areas remain more resilient
Product launches postponed while pandemic boosts appeal of counterfeit and second-hand products in 2020
Leading players turn to price rises to make up for lost sales as others use discounting to clear excess stock
RECOVERY AND OPPORTUNITIES
Slow recovery for luxury leather goods as spotlight turns to classic elements
"Buy local" set to drive consumer choice over the forecast period
Potential rise of rental services as consumers face pressure on disposable incomes
CATEGORY DATA
Table 64 Sales of Luxury Leather Goods: Value 2015-2020 Table 65 Sales of Luxury Leather Goods: % Value Growth 2015-2020 Table 66 NBO Company Shares of Luxury Leather Goods: % Value 2015-2019 Table 67 LBN Brand Shares of Luxury Leather Goods: % Value 2016-2019 Table 68 Distribution of Luxury Leather Goods by Format: % Value 2015-2020 Table 69 Forecast Sales of Luxury Leather Goods: Value 2020-2025 Table 70 Forecast Sales of Luxury Leather Goods: % Value Growth 2020-2025KEY DATA FINDINGS
2020 IMPACT
Domestic expenditure shields luxury portable consumer electronics from the worst impacts of COVID-19 in 2020
Further blurring between luxury wearables and luxury timepieces in 2020
Stronger focus on health and wellness in wake of COVID-19 pandemic fuels demand for luxury activity wearables
RECOVERY AND OPPORTUNITIES
Above-average value growth for luxury portable consumer electronics over the forecast period
Luxury mobile phones set to become a mainly niche area attracting high-value consumers
Luxury wearables set to drive growth with new high-tech fashionable products
CATEGORY DATA
Table 71 Sales of Luxury Portable Consumer Electronics by Category: Value 2015-2020 Table 72 Sales of Luxury Portable Consumer Electronics by Category: % Value Growth 2015-2020 Table 73 NBO Company Shares of Luxury Portable Consumer Electronics: % Value 2015-2019 Table 74 LBN Brand Shares of Luxury Portable Consumer Electronics: % Value 2016-2019 Table 75 Distribution of Luxury Portable Consumer Electronics by Format: % Value 2015-2020 Table 76 Forecast Sales of Luxury Portable Consumer Electronics by Category: Value 2020-2025 Table 77 Forecast Sales of Luxury Portable Consumer Electronics by Category: % Value Growth 2020-2025KEY DATA FINDINGS
2020 IMPACT
Reduced consumer confidence and lower tourist spending hit sales of luxury timepieces in 2020
COVID-19 pandemic leads to inaugural digital-only luxury Swiss watch fair in 2020
Leading brands hold firm while e-commerce sees only marginal growth despite a fall in store-based retailing in 2020
RECOVERY AND OPPORTUNITIES
Pressure on disposable incomes set to drive demand for affordable luxury over the forecast period
Online fairs, virtual showrooms and digital capabilities set to become a permanent feature
Product launch schedules set to resume in 2021
CATEGORY DATA
Table 78 Sales of Luxury Timepieces by Category: Value 2015-2020 Table 79 Sales of Luxury Timepieces by Category: % Value Growth 2015-2020 Table 80 NBO Company Shares of Luxury Timepieces: % Value 2015-2019 Table 81 LBN Brand Shares of Luxury Timepieces: % Value 2016-2019 Table 82 Distribution of Luxury Timepieces by Format: % Value 2015-2020 Table 83 Forecast Sales of Luxury Timepieces by Category: Value 2020-2025 Table 84 Forecast Sales of Luxury Timepieces by Category: % Value Growth 2020-2025KEY DATA FINDINGS
2020 IMPACT
Sales of luxury writing instruments and stationery hit by fall in discretionary spending in 2020
Players proceed with planned launches in 2020
Montblanc retains lead as Sailor emerges as a strong competitor
RECOVERY AND OPPORTUNITIES
Affordable luxury set to be key to driving sales over the forecast period
Tight focus on costs as smart devices pose an increasing threat to luxury writing instruments
Sustainability set to come to the fore as consumers increasingly seek responsible consumption
CATEGORY DATA
Table 85 Sales of Luxury Writing Instruments and Stationery: Value 2015-2020 Table 86 Sales of Luxury Writing Instruments and Stationery: % Value Growth 2015-2020 Table 87 NBO Company Shares of Luxury Writing Instruments and Stationery: % Value 2015-2019 Table 88 LBN Brand Shares of Luxury Writing Instruments and Stationery: % Value 2016-2019 Table 89 Distribution of Luxury Writing Instruments and Stationery by Format: % Value 2015-2020 Table 90 Forecast Sales of Luxury Writing Instruments and Stationery: Value 2020-2025 Table 91 Forecast Sales of Luxury Writing Instruments and Stationery: % Value Growth 2020-2025KEY DATA FINDINGS
2020 IMPACT
Store closures and reduced tourist spending hit sales as COVID-19 leads to a greater focus on preventative skin health
Currency depreciation leads to price rises, encouraging discounting and more affordable offerings from retailers in 2020
Store closures accelerate growth of e-commerce in 2020 as players expand their digital offerings
RECOVERY AND OPPORTUNITIES
Muted recovery for super premium beauty and personal care over the forecast period
Players set to focus on combating counterfeit goods and promoting sustainable credentials
Ongoing currency instability set to put pressure on pricing as technology takes centre stage in the post-pandemic landscape
CATEGORY DATA
Table 92 Sales of Super Premium Beauty and Personal Care by Category: Value 2015-2020 Table 93 Sales of Super Premium Beauty and Personal Care by Category: % Value Growth 2015-2020 Table 94 NBO Company Shares of Super Premium Beauty and Personal Care: % Value 2015-2019 Table 95 LBN Brand Shares of Super Premium Beauty and Personal Care: % Value 2016-2019 Table 96 Distribution of Super Premium Beauty and Personal Care by Format: % Value 2015-2020 Table 97 Forecast Sales of Super Premium Beauty and Personal Care by Category: Value 2020-2025 Table 98 Forecast Sales of Super Premium Beauty and Personal Care by Category: % Value Growth 2020-2025