Poles spent less on luxury
23:05
The pandemic has had a negative impact on the luxury goods market. Its estimated total value in 2020 was PLN 24 billion, so it decreased by PLN 1.2 billion, or 4.9 percent, according to a report by KPMG, a global company providing audit and advisory services.
The relatively low decline in its value was influenced by differences in individual parts. The segment of luxury and premium cars performed the best – in this segment a decrease in value of only 1.6 percent y/y was recorded. The luxury hotels and SPA sector have to deal with the biggest ones. Its value in 2020 decreased by over 50 percent.
Wealthy Poles have been appreciating cars of premium and luxury brands for years. This sector has been the largest part of the luxury goods market for many years. The KPMG report shows that its value in 2020 in Poland amounted to PLN 16.3 billion. At that time, 76,600 new cars in this segment found buyers, by 3,900 less than in 2019, which means a decrease by 4.8 percent y/y.
In the premium segment in 2020, the best sales were recorded by Mercedes – 19,700 cars (6.7 percent less y/y). The highest growth dynamics were recorded by the Tesla brand, with 158 vehicles registered in Poland throughout the year (an increase of 68.1 percent y/y).
As many as 207 luxury cars were sold in Poland. Bentley surpassed last year's leader Maserati in this respect with 58 new registrations. Lamborghini was in second place. The two leaders recorded more registrations than last year, by 5 and 7 vehicles, respectively.
The luxury clothing and accessories market recorded a much greater decline last year. It reached the value of PLN 2.5 billion (it decreased by 20 percent y/y). Forecasts indicate that by 2025 the average annual growth of this segment will be slower than before the outbreak of the pandemic.
KPMG analysts predict that in the coming years, luxury goods will become more and more popular, which will be supported by the macroeconomic environment.
