Retail value sales of luxury goods in Turkey went up by 36% in 2023 in current terms, to stand at TRY223.9 billion.
Despite headwinds resulting from issues such as higher prices, the war in Ukraine, supply chain problems, and the cost-of-living crisis, sales of luxury goods saw positive growth in 2023. Turkey is also home to a number of affluent individuals, with 108,500 calling the country home in 2023, although this accounts for only a small proportion of the population.
The competition remains intense within luxury goods. With people making more mindful consumption choices, luxury players are focusing more on creating innovative products that offer consumers value, ensuring that that the products and services they sell are attractive to consumers.
Luxury retail is seeing significant changes, as digitalisation is leading consumers to shop more online and to engage with retailers and brands in a different way. This is leading consumers to now seek out luxury brands online, shifting away from traditional retail spaces.
Luxury goods looks likely to have a rosy future, with demand that built up during the pandemic expected to result in consumers increasingly purchasing high-end products during the forecast period. Retail sales of luxury goods in Turkey are expected to increase at a CAGR of 32% in current value terms (13% constant 2023 value CAGR) over the forecast period to total TRY915.
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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.
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Data and analysis in this report provides further detailed coverage dedicated to the following key categories, where applicable:
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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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