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Luxury market in Poland picking up

News 28 December 2009

Ferrari showroom

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Eastern Europe's largest economy, Poland is also the least affected country in the region by the international crisis. However, despite the wealth of its economy, the Polish luxury market has been developing at a very slow pace during the past decade. This is mainly due to two factors: the very wealthy consumers prefer to buy abroad and a luxury consumer profile which is less driven by show off and social status emphasis. Polish people are more conservative, much like Slovenians and Hungarians, paying placing value in good quality goods and services but not necessarily branded. That is why, many luxury fashion brands have had sad experiences on the Polish market. However, this week, there came two important annoucements - the opening of the first ROLEX monobrand shop in Poland by local retailer Vistula and the opening of the first FERRARI showroom. Both are to be open in downtown locations in the capital city of Warsaw. Ferrari estimates to sell 10 to 15 cars in 2010 which is similar to the levels of a smaller regional country, Romania. CPP Management Consultants Ltd will conduct the first LUXURY MARKET REVIEW on Poland in January 2010, the first research of its kind for the Polish market. The review will include an in depth analysis of the Polish luxury consumer and of the existing luxury industry segment, highlighting potential for development.

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