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Luxury in Uncertain Times

According to KPMG’s data, published in the May report on the luxury goods market in Poland, the value of goods and services intended for wealthy people is growing. However, some segments belonging to this market have still not recovered from the crisis caused by the Covid-19 pandemic.

According to KPMG, the number of potential recipients of the luxury goods and services market is growing in Poland. Data published in May indicate that the number of people that fall into the second tax threshold exceeded 2 million people. Over 100,000 Poles owned assets of over USD 1 million in 2022. At the same time, despite the decline in the average earnings of wealthy people, experts noted an increase in the value of the luxury goods market by almost 19%. In 2021, the value of this market was estimated at PLN 31.1 billion. The dominant role in Poland was played by manufacturers of premium and luxury cars. Vehicle sales accounted for about 67% of the luxury goods market. In line with current trends in the tourism sector, the luxury hotels and spa segment has reached nearly 70% of its pre-crisis value. As the authors of the report emphasize, positive trends can also be observed in other areas.

What assets do wealthy Poles have?

According to the report, in 2022 there were over 320,000 wealthy people living in Poland. In terms of the profile of buyers of luxury goods, the authors of the publication indicated two groups, i.e. rich and very rich people. A group of Poles with incomes exceeding PLN 50,000 gross per month was considered to be rich. It is worth noting that the average earnings in this group in 2022 amounted to PLN 131,000. Poles whose income exceeded PLN 1 million gross per year were considered to be very rich. In this group, the average monthly earnings amounted to over PLN 211,000 per month. At the same time, the authors pointed to a significant increase in the number of potential buyers of luxury goods. According to the obtained data – in 2021, in Poland over 2 million people exceeded the second tax threshold, which at that time amounted to 7.1 thousand PLN gross per month.

In terms of trends in the management of financial assets, deposits are still the most popular  form in Poland. Last year, Poles accumulated assets equivalent to PLN 1111 billion in deposits. This figure accounts for 40% of domestic assets. Second place was taken by investments worth PLN 702 billion. In cash, however, assets with the equivalent of 348 billion were accumulated. In this matter, the authors did not observe any changes compared to the previous year. At the same time, they pointed out that long-term loans and advances are responsible for the dominant part of Poles’ financial liabilities, i.e. almost 92%.

Change in the value of luxury sectors:

In the years 2019-2022, significant changes took place in selected segments of the luxury goods market. Some of them were largely dictated by the Covid-19 pandemic and the economic crisis caused by it. While in some segments, such as cars, the decrease in value was small. In others, such as hotel and spa services, the consequences of the crisis were clearly visible.

The automotive segment has been least affected by the above-mentioned events. In 2020, the segment’s value declined by 1.5%. The following years were also beneficial for representatives of this industry. Last year, compared to the previous year, analysts observed an increase of about 21%. Comparing the value of the automotive segment in the pre-pandemic period with the current results is very favorable. According to data from the report, the current value is almost 49% of the pre-crisis value.

The spirits segment, on the other hand, despite a decrease in value in 2020 by over 11%, recorded a boom. In 2022, the value of the sector increased by almost 12% compared to the previous year. It is worth noting that its current value is higher than that of before the pandemic. Analysts noted an increase of almost 14%.

The clothing and accessories segment, despite a decrease in value by almost 20% in 2020, is now gradually recovering. In 2022, analysts observed an increase of almost 10%. Last year’s results compared to the pre-crisis results represent a profit of 3%.

Manufacturers of luxury cosmetics and perfumes also managed to make up for their losses. Last year, the segment recorded an increase in value of almost 8% compared to the results of 2021. It is worth noting that manufacturers of cosmetics and perfumes recorded a greater decline than, for example, alcohol producers in 2020. At that time, the luxury cosmetics segment lost 12.5% of its value. As a consequence, the current result represents almost a 2% increase in value compared to 2019.

The crisis was felt most strongly in the hotel and spa sector. In 2020, the decline in value was almost 63%. The effects of the crisis are  being still felt today – despite the increase in value in 2021-2022 by almost 46%, the current value of the segment is still 30% lower than the results achieved in 2019.

Representatives of the jewellery and watch segment are also still working on making up their losses. In 2020, the value of the sector fell by almost 24%. Despite more than a 10 percent growth in 2022, analysts estimate that the losses have not yet been recovered. Last year’s result is still 1.5% lower than the value achieved in 2019.

It is also worth paying attention to the real estate market. The luxury and premium real estate industry saw growth of 9% in 2022. Experts emphasize that despite the favorable result, growth in this industry was less dynamic than two years ago. At the same time, the report draws attention to the fact that the prices of premium real estate in Poland are still lower than in other European countries. Despite this, Poles are more and more willing to invest in foreign real estate.


Looking at the forecasts, it is worth paying attention to the estimates for 2027. Experts predict changes in the structure of the luxury goods market. In most cases, the growth dynamics will be maintained. However, the estimated growth will be relatively small – the value of segments will grow by several percent. According to experts, in the coming years, for example, representatives of the hotel and spa industry can count on favorable results. In addition to the reconstruction of the industry, it is estimated that its value will more than double. The exception is to be the premium and luxury car segment. Experts predict a deterioration in sales results.

According to the authors of the analysis, the luxury goods market, despite adverse phenomena occurring in the economy, behaves better than products and services provided as part of the mass market and general economic results. Experts point out that after periods of noticeable economic fluctuations in individual segments, the subsequent improvement in economic sentiment primarily has a positive impact on the situation of producers of luxury goods and services.

More information can be found in the report available online in Polish:

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