Turkey Luxury Goods Market- By Type (Jewelry & Watches, Clothing & Footwear, Bags & Accessories, Cosmetics & Fragrances), By Distribution Channel (Exclusive Stores, Airports, E-Commerce, Specialty Store & Others (Departmental Stores, Hypermarket/Supermarket, Multi-Branded Stores, etc.), By Region (Eastern Anatolia, Central Anatolia, Black Sea, Mediterranean, Aegean, Marmara, Southeastern Anatolia)
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: Consumer Goods and Retail | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationTurkey Luxury Goods Market- By Type (Jewelry & Watches, Clothing & Footwear, Bags & Accessories, Cosmetics & Fragrances), By Distribution Channel (Exclusive Stores, Airports, E-Commerce, Specialty Store & Others (Departmental Stores, Hypermarket/Supermarket, Multi-Branded Stores, etc.), By Region (Eastern Anatolia, Central Anatolia, Black Sea, Mediterranean, Aegean, Marmara, Southeastern Anatolia)
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
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,
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 retailers, airports, e-commerce, specialty store & others (departmental retailers, hypermarket/supermarkets, multi-branded retailers, 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.
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