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- Author of the entry: Mennica Skarbowa
- Date of entry:
How much does jewelry have to cost to be considered luxury? In the case of a necklace, the minimum is PLN 8,000, for a women's watch it is over PLN 10,000, and for a men's watch as much as PLN 13,000*. Is there really a demand for them in Poland? Who buys them? We invite you to read the report below.
MARKET SIZE
Not only is there demand, but it is considerable and continues to grow. In 2016, the market for luxury jewelry and watches in Poland was estimated at PLN 430 million. In 2017, it was already PLN 650 million. In 2018, it exceeded PLN 720 million. It is also estimated that by 2023, sales of luxury jewelry and watches may reach as much as PLN 1.2 billion, including PLN 687 million in luxury jewelry and PLN 544 million in luxury watches.
JEWELRY VS. WATCHES
Jewelry, especially women's jewelry, is the most popular. The value of the luxury jewelry market in 2018 was approximately PLN 485 million, which accounted for about 60% of the value of the luxury jewelry and watches market. Nearly 70% of this jewelry was women's jewelry. The situation is different on the luxury watch market. Here, men lead the way. The value of luxury watches sold in 2018 was approximately PLN 240 million, of which approximately 80% were men's watches.
WHO ARE THE CUSTOMERS?
Luxury jewelry is mainly purchased by people with high incomes (over PLN 20,000). In 2017, there were nearly 250,000 such people living in Poland. Another group consists of people whose assets qualify them as wealthy. The third group of buyers consists of people who have decided to make a one-time purchase, mainly engagement rings.
Who are these people? They are mostly people living in large cities in the provinces of Mazovia, Greater Poland, Lower Silesia, Silesia, and Lesser Poland, mainly women aged 25 to 40 (jewelry) and men between 40 and 60 (watches).
Who are these people? They are mostly people living in large cities in the provinces of Mazovia, Greater Poland, Lower Silesia, Silesia, and Lesser Poland, mainly women aged 25 to 40 (jewelry) and men between 40 and 60 (watches).
WOMEN AND MEN
As it turns out, men spend slightly less than women on jewelry and watches. In 2018, the total value of luxury men's watches and jewelry sold amounted to PLN 351 million. At the same time, the total value of luxury women's watches and jewelry sold amounted to PLN 373 million, which is slightly more.
Women definitely prefer jewelry. It is estimated that in 2018, women purchased approximately 40,000 luxury items worth approximately PLN 325 million and only less than 5,000 luxury watches worth approximately PLN 48 million. Men prefer watches, but they also like jewelry. In 2018, the value of luxury men's watches sold reached approximately PLN 190 million, and luxury men's jewelry PLN 160 million.
The figures also show that men are much more likely to buy an expensive watch than women. In 2018, men purchased approximately 15,000 luxury watches, while women purchased less than 5,000. Considering that the price of a luxury men's watch is significantly higher than that of a women's watch, it can be said that for many men, the high price of a watch is not an obstacle. In 2018, not only did they purchase three times more luxury watches than women, but their watches were also on average 30% more expensive than women's watches.
Women definitely prefer jewelry. It is estimated that in 2018, women purchased approximately 40,000 luxury items worth approximately PLN 325 million and only less than 5,000 luxury watches worth approximately PLN 48 million. Men prefer watches, but they also like jewelry. In 2018, the value of luxury men's watches sold reached approximately PLN 190 million, and luxury men's jewelry PLN 160 million.
The figures also show that men are much more likely to buy an expensive watch than women. In 2018, men purchased approximately 15,000 luxury watches, while women purchased less than 5,000. Considering that the price of a luxury men's watch is significantly higher than that of a women's watch, it can be said that for many men, the high price of a watch is not an obstacle. In 2018, not only did they purchase three times more luxury watches than women, but their watches were also on average 30% more expensive than women's watches.
*According to the opinions of people earning over PLN 20,000 gross per month
Article based on KPMG reports "The Luxury Goods Market in Poland" editions 2015, 2016, 2017, and 2018.
