Luxury goods consumption in Poland is projected to have risen by 5.4 percent in 2019, with Poles purchasing €6 billion worth of luxury goods.
According to a KPMG report, the rise in the consumption of luxury goods is a direct result of the growing number of high earners. There are now nearly a quarter-million people earning 4,500 Euro per month, 67,000 earning more than 12,000 Euro and 32,000 earning over 240,000 Euro.
They are located mainly around Warsaw, Poznań and Kraków, whereas in Hungary and Czechia they are mostly to be found in those country’s capital cities.
The definition of luxury is classified according to the price of each type of good. For instance, in the fashion industry, a dress costing over €700, a suit costing over €1,400, and shoes costing over €500 are all classified as luxury items.
Luxury is a young’s best friend in Poland
Luxury items typically generate a lot of excitement from shoppers and Poles are no exception. This is why it is the affluent young who are most likely to make these types of high-end purchases.
Poles are also increasingly purchasing luxury goods locally instead of going to shop abroad.
It is important to note that Poland is still a long way behind in terms of purchasing luxury items than countries such as France. The French luxury goods market is worth 14 times that of its Polish equivalent.
In terms of foreigners purchasing luxury goods purchases in Poland, the number of Russian luxury shoppers is declining while tourists from wealthy Arab oil states beginning to slowly replace them.
The forecasts for the growth of the luxury market are optimistic. It is estimated that in five years’ time, the market may be worth over €9 billion.