The luxury goods market in Poland is on track for further expansion, with KPMG forecasting significant growth across all sectors. The value of the market is projected to exceed PLN 55.6 billion in 2024, marking a more than five-fold increase over the past 15 years. This surge is attributed to a rise in the number of affluent Poles, as well as shifting consumer preferences influenced by technology and evolving values.
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KPMG's report highlights the increasing purchasing power of wealthy consumers, particularly in IT and e-commerce sectors, as well as the impact of digital transformation. Wealthy Poles are now gravitating towards unique, high-quality, and personalised products and services. There is also a noticeable shift towards sustainable fashion and eco-friendly luxury goods. Investment in premium real estate, both domestically and in popular foreign locations like Spain and Portugal, is also rising.
The report identifies five key trends in the luxury market: digitalisation, sustainability, discretion, experience-driven luxury, and personalisation. Brands are increasingly adopting new technologies and embracing sustainability to meet the demands of a growing, more conscious consumer base. There is also a rise in "off-market" transactions in the luxury real estate sector, where buyers seek exclusivity and privacy. Furthermore, younger generations, particularly Gen Z, are predicted to represent up to 30% of luxury consumers by 2030.
The Polish luxury goods market continues to display adaptability, combining local innovation with global trends, and is expected to maintain its upward trajectory in the coming years.
Source: www.biznes.meble.pl