Turkey boasts the most dynamic luxury market in Eastern Europe
Despite the international crisis and its delayed membership acceptance into the E.U., Turkey’s economy has been booming, especially due to its industrial output as well as its natural reserves. Turkish Airlines is one of three international airlines which have grown during the current crisis, expanding constinuously its fleet and destination reach. Turkey’s strong economic ties with its neighbours, especially Iran and Iraq has also been contributing to the wealth of the economy.
The Turkish luxury market is focused in the metropolis of Istanbul, most top luxury brands operating more than one location. The most developed luxury sectors are hospitality and fashion/accessories. In the first 4 months of 2010, luxury retail sales have shown a healthy constant increase of up to 5% (CPP). Luxury hotels in Istanbul have been running at maximum occupancy, generated both by corporate and leisure. Particularly, Istanbul’s nomination as European Cultural Capital for 2010 is also likely to attract an increased number of leisure travellers, especially groups.
CPP recommends in Istanbul
Best luxury hotel: Four Seasons Bosphorus
Best represented intl luxury fashion brand: Hermes
Best luxury SPA: Four Seasons Bosphorus
Best luxury shopping experience: Istinye Park
Best represented intl luxury jewelry brand: Bvlgari