The luxury goods market in Poland will reach a record value of 55.6 billion PLN by the end of 2024, representing an increase of 24.6% year-over-year (YoY), according to the 15th anniversary edition of KPMG’s report,
“The Luxury Goods Market in Poland.” The largest segment, accounting for 65% of this market, is premium and luxury cars, with an estimated value of 36 billion PLN (+34.8% YoY). This year’s report also includes an analysis of the art market, which reached a value of nearly 570 million PLN in 2023. This segment is gaining importance as part of the investment portfolios of wealthy Poles, reflecting a growing interest in allocating capital to alternative assets. The number of potential buyers of luxury goods and services is steadily increasing—the number of very wealthy individuals earning over 1 million PLN gross annually grew by 11% YoY, reaching 73,500 taxpayers.
Since 2010, when KPMG first published its report on luxury goods in Poland, the market has undergone significant changes. This growth has been driven by the increasing number of affluent consumers, the development of domestic and international premium brands, and the rising purchasing power of the middle and upper classes.
“The development of the luxury goods market in Poland, which we have been analyzing since 2010, tells a story of dynamic transformation influenced by both economic changes and the evolving tastes of consumers. Milestones include the opening of the first exclusive department store in 2011, a luxury hotel in the revitalized Hotel Europejski building in Warsaw in 2018, and the rise of e-commerce, especially since the COVID-19 pandemic. Compared to Western European markets, characterized by maturity and multi-generational tradition, Poland is rapidly catching up, attracting international brands and fostering domestic premium producers. Key trends such as personalization, ecological awareness, and the growing popularity of second-hand luxury goods align with what we observe in Europe, signaling Poland’s increasing prominence in the global luxury market,” commented Tomasz Wiśniewski, Partner in the Deal Advisory Department and Head of Valuations for Central and Eastern Europe at KPMG in Poland.
The Growing Number of Affluent Poles Drives the Market
The number of potential luxury goods buyers continues to grow, and their incomes are steadily increasing. In 2023, the number of individuals earning over 120,000 PLN annually rose by 34% YoY, reaching 2.5 million people. The total earnings of this group amounted to 714 billion PLN (+29% YoY). Income growth was observed across all wealth categories, which the report divides into four segments:
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- Well-off (120,000-240,000 PLN annually): 1.8 million people (+47% YoY); total income of 290 billion PLN (+55% YoY),
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- Affluent (240,000-600,000 PLN annually): 545,000 people (+9% YoY); total income of 189.3 billion PLN (+20% YoY),
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- Rich (600,000-1 million PLN annually): 90,100 people (+11% YoY); total income of 68.5 billion PLN (+16% YoY),
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- Very wealthy (over 1 million PLN annually): 73,500 people (+11% YoY); total income of 166 billion PLN (+11% YoY).
Data on taxpayers earning above the first tax threshold indicate a significant increase in high-income Poles over the past 15 years. Economic growth during this period was driven by a stable service sector, business expansion (including exports), and the increasing innovation of technology firms. EU co-financed infrastructure investments also played a crucial role, enhancing the competitiveness of the Polish economy. The rising purchasing power and consumer awareness among Poles have fueled demand for luxury goods and services, which have become symbols of prestige and aspiration, reflecting broader economic and social changes.
“It’s no surprise that the largest number of wealthy Poles reside in Mazovia (16,000 people). Other regions with significant numbers of residents earning over 1 million PLN annually are Greater Poland and Lesser Poland (7,300 each) and Silesia (7,200). The fastest growth in the number of very wealthy individuals occurred in West Pomerania (+31% YoY) and Warmia-Masuria and Subcarpathia (both +17% YoY),” said Andrzej Marczak, Partner and Head of Tax Advisory for Central and Eastern Europe at KPMG in Poland.
Luxury Cars Dominate the Market
The premium and luxury car segment continues to dominate the luxury goods market in Poland. Its value in 2024 reached 36 billion PLN, a 34.8% YoY increase. Between Q4 2023 and Q3 2024, 136,900 premium cars and 379 luxury cars were registered. There is also growing interest in electric vehicles, which accounted for 7.9% of premium car sales.
The luxury hotel and SPA services market reached 7.8 billion PLN in 2024 (+16.7% YoY). This growth is supported by inbound tourism. The number of five-star hotels increased by 4.3% YoY, with customers seeking unique experiences, such as themed interiors and locally inspired cuisine. Between 2012 and 2024, the number of five-star hotels in Poland doubled from 49 to 98, with the highest concentration in Krakow.
The premium and luxury real estate market grew by 6.7% YoY to 3.5 billion PLN in 2024. Record transactions were recorded in Gdańsk and Warsaw, where prices reached 62,600 PLN per square meter. More transactions are happening off-market, highlighting the importance of discretion and personalized service.
Art as an Investment
The report highlights art as a luxury investment category. In 2023, the art market in Poland was valued at 567.7 million PLN, with 350.6 million PLN from auction sales. Paintings dominated, accounting for 83% of total sales. Contemporary art grew by 10% YoY, while sales of old master paintings fell by 33% YoY.
“After achieving a certain level of wealth in real estate, cars, and classic luxury goods, more affluent Poles are discovering the value of investing in art. It’s not just a material investment but one that offers an emotional dividend, fulfilling a need for beauty, personal growth, and cultural engagement,” noted Andrzej Marczak.
Luxury in the Digital Era
The past 15 years have seen significant changes in the distribution of luxury goods. E-commerce has made global brands more accessible to Polish consumers and attracted international buyers to domestic producers. Forecasts indicate that by 2025, 25% of luxury transactions will occur online, necessitating significant investment in e-commerce and technologies like blockchain and generative AI.
Source: CEO.com.pl
