Seeing today's lifestyle of Poles, it can be concluded that Poland forgot about the gray communist era for good. This is above all confirmed by the accelerating growth in the quality of life of the middle class society.
Better quality of life has led to an increase in demand for luxury goods, which an average Pole could not afford even five years ago. We are talking mainly about the products from the automotive industry and fashion.
Although the value of the luxury goods market in Poland is still much lower than in the developed countries, it is characterized by a rapid rate of growth and very optimistic predictions for the forthcoming years, which arouses great interest both in businessmen and economists.
In 2014, the value of the luxury goods market in Poland exceeded EUR 3 billion, reaching up to a 15% increase compared to the previous year. Behind such a high increase stand chiefly the sales of premium cars, of which 31,500 are registered in Poland - 28% more than the year before. The biggest boom hit the brands: Infiniti (150%), Lexus (+ 109%) and Porsche (+ 71%).
The market value in the year 2017 is estimated at EUR 3.5 billion, the biggest increase is expected with the sale of luxury accessories (mainly jewellery and watches) as well as with hotel and spa services.
The main influence on the development of the market involves the improving living conditions of Polish society and, explicitly noticeable for several years, the increase in the purchasing power of Polish wallets.
According to GUS, in the first half of 2014 the average gross salary increased by 3.6% compared to the same period in 2013. In the private sector the increase was 4.2% in the public sector - 2.5%, while the purchasing power of wages was higher by 5% than the year before.
The above figures relate mainly to people of moderate means; however the higher social class will experience major changes. According to Credit Suisse estimates, by the year 2020 the number of wealthy people in the world will increase by 48%. In Europe, it was Poland that had the greatest contribution to the development of wealthy class (+ 78%), outdistancing France in this respect (+ 60%) as well as Germany (+ 55%). It is expected that in 2020 the number of people with assets exceeding 1 million will amount to 77,000 in Poland.
The indicators cited perfectly confirm the good condition of the Polish economy and the resulting improvement in the living standards of the average citizen, who more and more often invests in the high quality goods.
Nowadays the "new Polish consumer" is also increasingly interested in the quality, appearance, design, and of course the brand and origin of the product, apart from the price, which was so far the most important aspect when buying a product.
Currently in Poland lives about 878,000 wealthy individuals. However, taking into account the population of the country (40 million inhabitants) and the economic growth, which Poland enjoyed in recent years, one can be sure that the purchasing power of Poles will grow faster and faster with time. And thus, the demand for high quality products (such as those made in Italy) will increase.
Source: Agata Sikora, RSM Poland, firstname.lastname@example.org