More luxury in Poland. “more resistant to disturbances”
The luxury goods market in Poland in 2022 was worth PLN 37 billion, which is about 19 percent more than in 2021, according to a report by the consulting firm KPMG. The largest increase in value – more than 45% – was recorded by the luxury hotels and resorts segment. Its value is 2.6 billion Polish zlotys.
As shown, the most important target group for luxury goods manufacturers are the rich with annual gross profits of more than 1 million PLN.
“The value of the luxury goods market in Poland in 2022 amounted to PLN 37 billion and was almost 19% higher than in 2021” – according to KPMG Poland’s report “The Luxury Market in Poland. Luxury in Times of Uncertainty”.
Luxury goods market in Poland
Premium and luxury cars are still the largest segment, reaching nearly PLN 25 billion last year. The highest growth (45.6%) year on year was recorded in the luxury hotel and spa sector, which amounted to PLN 2.6 billion.
“Globally, the luxury goods sector has proven more resilient to the turmoil of the past three years than the mass market,” he noted.
The report shows that the luxury apparel and accessories market in 2022 increased by 9.9 percent. annually (PLN 290 million), to PLN 3.2 billion – which exceeds the record value for 2019 (PLN 3.1 billion).
Poland’s luxury cosmetics and perfumery sector reached PLN 1.2 billion last year, which translates to an increase of 7.7 percent. y/o perfumes represent more than half of the value of this tranche.
In contrast, sales in Poland’s luxury jewelry and watch market in 2022 increased by 10.3 percent compared to the previous year. year/year is PLN 540 million. According to forecasts, this part of the luxury goods market will exceed the pre-epidemic value already this year. Currently, precious jewelry, especially women’s, is responsible for the largest increase in the jewelry segment (12.4% compared to the previous year), while in the watch sector, men’s watches are responsible for the highest increase in sales (8% compared to the previous year).
The largest increase in value last year (45.6% YoY) was reported by the luxury hotels and resorts segment. The value of this sector in 2022 was PLN 2.6 billion. According to forecasts, the luxury and luxury hotel industry in 2024 is supposed to reach a higher value than before the pandemic. Last year, there were 87 five-star hotels in Poland, mostly in Krakow (16), Warsaw (14) and Wroclaw (6).
“Luxury in troubled times”
At the end of 2022, the total assets accumulated by households in Poland amounted to PLN 2,805 billion, or 1.4 percent. Compared to 2021. “In a high-profile relationship economic inflation The real value of Poles’ assets in 2022 decreased by about 10%. Liabilities amounted to PLN 833 billion, an increase of 3.3% year on year. less y/y.
The report stated that in 2021, the income exceeded 2,021 Polish zlotys, amounting to PLN 320,000 per month. People – by almost 13 percent. Over 2020. The total income of the richest Polish people increased by 9.8 percent. The year/year value was PLN 220 billion. A group of wealthy people with monthly earnings of more than 50,000. In 2021, the zloty increased by 7.4 percent. Annually amounted to 83 thousand PLN, and their income amounted to 130 billion PLN. The largest number of people with such earnings lived in Mazowsze, Wielkopolska, ląsk and Małopolska. The average monthly income of rich Poles in 2021 was PLN 131,000. zlotys.
In 2021, 37,000 people were living in Poland. People earning more than 1 million gross PLN annually (4.8% increase year on year). Their profit amounted to PLN 94 billion and was 2.6 percent higher than in the previous year. top y / y. The largest number of wealthy Poles in 2021 lived in Mazowsze (8.56 thousand people), Wielkopolska (4.24 thousand) and Silesia (4.21 thousand), where the number of wealthy people increased by 34.1 percent. y/o The average monthly income of wealthy Poles in 2021 was PLN 211.4 thousand. zlotys.
According to new data, at the end of 2021, the population of Poland was more than 100,000 people. People included in the affluent group (high net worth individuals), who have a net worth of at least US$1 million, their number increased by 9.7 percent. y/o
The largest percentage of millionaires in Poland – 91 percent – are people with assets between $1 million and $5 million. Poles with a net worth of over $50 million USD. represents 0.3 per cent. Among all the wealthy, however, this group grew the most during the year – at 15.1 percent. y / o In terms of the number of rich people, Poland was ahead of: GreeceThe Czech Republic and Romania.
“The analyzes conducted by KPMG confirmed that, as in the case of previous crises (at the beginning of 2000 and in 2007-2008), as well as in the case of recent negative economic events, the luxury goods market performed much better than similar products in the mass segment and the entire market. “.
The report “The Luxury Market in Poland. Luxury in Uncertain Times” is the 13th edition of KPMG’s publication on the luxury goods market in Poland. For the purposes of the report, it has been assumed that a luxury good is any branded good that is generally recognized as a luxury in a particular market or that acquires a luxury character due to its specificity (uniqueness, high price, etc.). .
Main image source: Clash