Clothing & Footwear is Expected to Hold the Leading Share in the Turkey Luxury Goods Market During the Forecast Period
Increasing consumer
awareness regarding leading luxury brands and rising per capita income drive
the growth of luxury goods in Turkey.
According to TechSci Research
report, “Turkey Luxury Goods Market- By Region, Competition,
Forecast and Opportunities, 2017-2027”, the Turkey luxury goods market
has expanded significantly in recent years. The increase in demand is mainly
attributed to people's rising per capita income. Luxury goods also signify
social status. As a result, people often purchase expensive goods to flaunt
their status. According to the trend, the market for luxury goods is predicted
to experience encouraging growth during the forecast period.
The growth of online
shopping is fueling the market for luxury goods. E-commerce makes it simple to
purchase goods made in distant locations. In turn, this has significantly expanded
the availability of luxury goods
worldwide thus contributing to the growing demand of this market. On the other
hand, offline store contributions have dropped considerably. This is a result
of online retailers competing with one another.
Turkish consumers'
luxury and discretionary spending are affected by inflation, but their desire
for purchasing such products is unabated. Luxury brands are embracing a
"less is more" philosophy, doing away with filters, emphasizing
quality and craftsmanship, storytelling, and ensuring that brand experiences
are inclusive, creating new chances to establish enduring relationships.
Browse over XX market
data Figures spread through 70 Pages and an in-depth TOC on "Turkey Luxury Goods Market".
The Turkey luxury
goods market is segmented based on type, distribution channel, and region. Based on type,
the market is segmented into jewelry & watches, clothing
& footwear, bags & accessories, and cosmetics &
fragrances. Among these, clothing and footwears are the fastest growing segment
in the market during the forecast period. The changing lifestyle, brand
awareness, and rising per capita income are the factors increasing the popularity
of clothing & footwear segment in the Turkey luxury goods market.
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.). Among these, the online
segment is expected to be the fastest growing segment in the market during the
forecast period because online stores offer attractive product discounts. In
online stores, consumers can also differentiate the products and prices from
other products. The easy availability of luxury goods in online stores is
driving the growth of the luxury goods market in Turkey.
The market is
segmented based on region: Marmara, Central Anatolia, Mediterranean, Aegean, Southeastern
Anatolia, Blacksea, and Eastern Anatolia. Among these, the Marmara region is
expected to hold the leading share in the market during the forecast period because it is considered as financial heart of
Turkey which fuels the demand for the luxury goods market in Turkey.
Major operating companies
operating in the Turkey luxury goods market are:
- 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.
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“The Turkey luxury goods
market is driven by the rising demand for various types of luxury goods, such
as bags, handbags, and clothing items, to improve presentability. In the
forecast period, the luxury goods market in Turkey will likely grow due to
rising purchasing power brought on by middle-class consumers' rising disposable
incomes. Additionally, the Turkish market is likely to be stimulated by the
younger population's growing propensity for expensive perfumes and cosmetics to
improve their appearance and boost confidence in the workplace. Turkey's luxury
goods market is also anticipated to benefit from consumers' increasing
knowledge of top luxury brands during the forecast period.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
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), By Company, Forecast & Opportunities,
2017-2027, has evaluated the future growth
potential of the Turkey luxury goods market and provides statistics &
information on market size, structure, and future market growth. the report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in the luxury goods market in Turkey.
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