SERBIA remains one of the most attractive markets for luxury brands in Eastern Europe

In spite of its non EU affilliation and outside image, Serbia remains one of the most attractive markets for luxury brands. Serbian origin clients base has increased at all major Paris, Milan and Munich luxury stores and boutiques. Some credit the non EU membership for the growth in wealth of the middle and top classes, more and more entrepreneurs reaching assets of over EUR 10 million. According to CPP’s market research and constant analysis, Serbia comes fourth after Ukraine, Romania, Bulgaria as far as client bases and spending on luxury products and services. Since few luxury brands are present officially in Belgrade, many Serbians prefer to travel for shopping. Budapest was more recently replaced by Milan, due to increasing connections from Belgrade to the Italian fashion capital.
Mention should also be made that the attractivesness of the Serbian market is also triggered by the consumer profile which is almost identical to the Russian and Ukrainian profile, also similar to the Romanian and Bulgarian ones. Brand oriented, show off Serbians are inclined towards ”made in Italy” products, image and social differenciation being a key characteristic of the Serbian luxury consumer.