Luxury markets Bulgaria, Romania and Serbia least affected in Central and Eastern Europe
CPP Management Consultants Ltd has recently completed its latest Luxury Market Reviews on Bulgaria, Romania and Serbia. All three reports reveal a steady growth in 2008 and an average fall in sales of up to 15% in Q1 2009. CPP Market Reviews include comprehensive analysis of each luxury industry segment, with an emphasis on the consumer profile in each country. The market segments which remain most attractive in 2009 are: SPA, five star deluxe hospitality and fashion/accessories.
The Serbian luxury market is likely to recover earlier, our estimate time frame being October 2009. The Romanian and Bulgarian luxury markets are likely to partially recover by March 2010. The luxury segments which will see a slower recovery in all the three countries are: jewelry, watches and hospitality.
By comparison, Hungary, Czech Republic will likely see drops of over 30% in 2009, with an indefinite timing for recovery. Both markets are heavily dependant on foreign travellers, the locals not being luxury oriented consumers.