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The Turkish luxury market drops despite previous reports
News 23 November 2009
According to a survey conducted by CPP Management Consultants Ltd, sole Central and Eastern European consultancy specialized in luxury, the Turkish luxury market sales have dropped by 15% in the first nine months of 2009 compared to the same period last year, the two most affected products being luxury watches and jewelry (renown brands) as well as fashion apparel. The Christmas season is expected to bring improved sales, yet with worse results than 2008.
The drop in sales is brought several reasons, the most important being the price of the luxury branded products. As it is a non EU country, in Turkey duties and taxes are applied to all luxury products. This is coupled by a relaxation in the granting of EU visas to Turkish nationals amid improving relations with the EU. Therefore, Turkish people travel more easily to Milan or Paris and make their shopping abroad. Shopping trips are more affordable due to lower discounted airfares and accommodation.