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Turkish Success of Jewellery Sales to Tourists. 2 1st Feb 200 5. Turkish Economy Turkish Tourism Turkish Jewellery Market Tourist Jewellery Market Tourist Tourist as Jewellery Buyer Tourist Market Retailers Jewellery Exports Outlook. Outline:. Turkish Economy Turkish Tourism - PowerPoint PPT Presentation
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1www.gold.org Turkish Tourist Jewellery Market
Turkish Success of
Jewellery Sales to Tourists
21st Feb 2005
2www.gold.org Turkish Tourist Jewellery Market
Turkish Economy
Turkish Tourism
Turkish Jewellery Market
Tourist Jewellery Market
Tourist
Tourist as Jewellery Buyer
Tourist Market Retailers
Jewellery Exports
Outlook
3
www.gold.org Turkish Tourist Jewellery Market
Turkish Economy
Turkish Tourism
Turkish Jewellery Market
Tourist Jewellery Market
Tourist
Tourist as Jewellery Buyer
Tourist Market Retailers
Jewellery Exports
Outlook
Outline:
• EU have decided that the accession negotiations with Turkey will start in 2005 which might be as long as 10 years
• Inflation is moving towards one digit level after several decades
• Exchange rate is around mid 2001 levels
• 6 zeroes are dropped from TL (YTL)
4www.gold.org Turkish Tourist Jewellery Market
Turkish Economy
Turkish Tourism
Turkish Jewellery Market
Tourist Jewellery Market
Tourist
Tourist as Jewellery Buyer
Tourist Market Retailers
Jewellery Exports
Outlook
Source: EIU 2004 2001 2002 2003 2004 2005e
GDP US$ bn 145.6 184.2 239.7 287.8 330
Real GDP growth (%) -7.5 7.9 5.8 9 6
Consumer price inflation (avg. %) 54.4 45 25.3 10.8 8
Population (m) 69.3 70.3 71.3 72.3 74.3
Exports of goods fob (US$ bn) 34.3 40.1 51.2 62.1 72
Imports of goods fob (US$ bn) -38.9 -48.5 -65.2 -82.4 -90
Exchange rate (avg.) YTL:US$ 1.225 1.507 1.501 1.442 1.663
5www.gold.org Turkish Tourist Jewellery Market
Turkish Economy
Turkish Tourism
Turkish Jewellery Market
Tourist Jewellery Market
Tourist
Tourist as Jewellery Buyer
Tourist Market Retailers
Jewellery Exports
Outlook
Sources:WTO,SIS&Trade estimate
2001 2002 2003 2004 2005e
Number of Foreign Tourists (m) 10.8 12.8 13.3 17.5 21
Tourism Revenue (US$ bn) 7.4 11.9 13.2 14 16.5
6www.gold.org Turkish Tourist Jewellery Market
Turkish Economy
Turkish Tourism
Turkish Jewellery Market
Tourist Jewellery Market
Tourist
Tourist as Jewellery Buyer
Tourist Market Retailers
Jewellery Exports
Outlook
Worldwide ranking by tourism revenue in 2003 (US$ bn)
Source: WTO 2001 2002 2003
World 459 480 523
1 USA 71.9 66.7 64.5
2 Spain 32.9 33.8 41.8
3 France 30 32.7 37
4 Italy 25.8 26.9 31.2
5 Germany 18.4 19 23
6 UK 16.3 20.5 22.8
7 China 17.8 20.4 17.4
8 Austria 10.1 11.2 14.1
9 Turkey 7.4 11.9 13.2
10 Greece 9.4 9.7 10.7
7
www.gold.org Turkish Tourist Jewellery Market
Turkish Economy
Turkish Tourism
Turkish Jewellery Market
Tourist Jewellery Market
Tourist
Tourist as Jewellery Buyer
Tourist Market Retailers
Jewellery Exports
Outlook
2005 Tourist market
investments
• 50 New hotels under construction
• 50,000 New beds will be ready for 2005 summer season
8
www.gold.org Turkish Tourist Jewellery Market
Turkish Economy
Turkish Tourism
Turkish Jewellery Market
Tourist Jewellery Market
Tourist
Tourist as Jewellery Buyer
Tourist Market Retailers
Jewellery Exports
Outlook
bought 36 units of Airbus and 15 units of Boeing airplanes in July 2004. Delivery will be in 2005.
9
www.gold.org Turkish Tourist Jewellery Market
Turkish Economy
Turkish Tourism
Turkish Jewellery Market
Tourist Jewellery Market
Tourist
Tourist as Jewellery Buyer
Tourist Market Retailers
Jewellery Exports
Outlook
Outline:
• Third biggest gold consumption after India and USA
• Largest gold coin market and coin manufacturer in the world
• Third biggest jewellery manufacturer after India and Italy
10www.gold.org Turkish Tourist Jewellery Market
Turkish Economy
Turkish Tourism
Turkish Jewellery Market
Tourist Jewellery Market
Tourist
Tourist as Jewellery Buyer
Tourist Market Retailers
Jewellery Exports
Outlook
Pure gold tonnes
Sources: WGC, IGE,
TSM &
Trade estimates
2001 2002 2003 2004 2005e
Bullion Imports 103 129 214 251 275
Scrap 89 61 45 47 50
Jewellery exports 42 50 53 58 65
Suitcase trade 22 23 23 19 18
Jewellery sales to locals 49 59 99 130 145
New coin minting 26 29 47 47 48
Total gold offtake 116 131 199 240 265
11www.gold.org Turkish Tourist Jewellery Market
Turkish Economy
Turkish Tourism
Turkish Jewellery Market
Tourist Jewellery Market
Tourist
Tourist as Jewellery Buyer
Tourist Market Retailers
Jewellery Exports
Outlook
Sources:
WGC, WTO, SIS
&
Trade estimates
2001 2002 2003 2004 2005e
Number of Foreign Tourists (m) 10.8 12.8 13.3 17.5 21
Tourism Revenue (US$ bn) 7.4 11.9 13.2 14 16.5
Jewellery sales to tourists (tonnes) 41 43 53 58 68
12
www.gold.org Turkish Tourist Jewellery Market
Turkish Economy
Turkish Tourism
Turkish Jewellery Market
Tourist Jewellery Market
Tourist
Tourist as Jewellery Buyer
Tourist Market Retailers
Jewellery Exports
Outlook
Seasonality of incoming foreign tourists
Source: SIS
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
1 2 3 4 5 6 7 8 9 10 11 12
13
www.gold.org Turkish Tourist Jewellery Market
Turkish Economy
Turkish Tourism
Turkish Jewellery Market
Tourist Jewellery Market
Tourist
Tourist as Jewellery Buyer
Tourist Market Retailers
Jewellery Exports
Outlook
Regional Trends in Incoming Tourists m Country Groups 2003 2004 % chg
1 OECD (Europe) 7.9 10 25.4
2 OECD (Other) 0.4 0.5 21.9
3 Other European 1.9 2.3 22.9
4 C.I.S. 2.1 2.8 34.6
5 Asian countries 1.4 1.7 20.7
6 African countries 0.2 0.2 13.9
7 Other 0.1 0.1 30.2
10 Total 14 17.5 25.7
14
www.gold.org Turkish Tourist Jewellery Market
Turkish Economy
Turkish Tourism
Turkish Jewellery Market
Tourist Jewellery Market
Tourist
Tourist as Jewellery Buyer
Tourist Market Retailers
Jewellery Exports
Outlook
Traveling by
millions 2003 2004 % chg
Air 10 12.6 25.6
Road 2.9 3.7 28.5
Sea 1 1.2 19.7
Railway 0.1 0.1 16.4
Total 14 17.5 25.7
15
www.gold.org Turkish Tourist Jewellery Market
Turkish Economy
Turkish Tourism
Turkish Jewellery Market
Tourist Jewellery Market
Tourist
Tourist as Jewellery Buyer
Tourist Market Retailers
Jewellery Exports
Outlook
Country of origin of tourists % share
Germans 20.1
Russian Federation citizens 9.5
UK citizens 9.5
Dutch 8.5
Austrians 4.7
Bulgarians 4.4
French 3.9
Belgians 3.7
Iranians 2.8
Greeks 2.1
Other countries 30.8
16
www.gold.org Turkish Tourist Jewellery Market
Turkish Economy
Turkish Tourism
Turkish Jewellery Market
Tourist Jewellery Market
Tourist
Tourist as Jewellery Buyer
Tourist Market Retailers
Jewellery Exports
Outlook
What did they hear beforehand (47% heard about Turkish gold):
• Cheaper72%
• Special Turkish designs34%
• Better workmanship32%
• Bigger variety24%
Research by Piar-Gallup
17
www.gold.org Turkish Tourist Jewellery Market
Turkish Economy
Turkish Tourism
Turkish Jewellery Market
Tourist Jewellery Market
Tourist
Tourist as Jewellery Buyer
Tourist Market Retailers
Jewellery Exports
Outlook
Whom did they hear it from:
• A friend71%
• The travel agency26%
• Previous visitors26%
• Promotional brochures24%
Research by Piar-Gallup
18
www.gold.org Turkish Tourist Jewellery Market
Turkish Economy
Turkish Tourism
Turkish Jewellery Market
Tourist Jewellery Market
Tourist
Tourist as Jewellery Buyer
Tourist Market Retailers
Jewellery Exports
Outlook
After they saw the jewellery what did they think?
• Not expected that cheap 72%• Not expected that much variety34%• Not expected that many 26%• Expected them to be cheaper 13%
Research by Piar-Gallup
19
www.gold.org Turkish Tourist Jewellery Market
Turkish Economy
Turkish Tourism
Turkish Jewellery Market
Tourist Jewellery Market
Tourist
Tourist as Jewellery Buyer
Tourist Market Retailers
Jewellery Exports
Outlook
Purchase decision:
• After they arrived60%
• Decided before40%
Research by Piar-Gallup
20
www.gold.org Turkish Tourist Jewellery Market
Turkish Economy
Turkish Tourism
Turkish Jewellery Market
Tourist Jewellery Market
Tourist
Tourist as Jewellery Buyer
Tourist Market Retailers
Jewellery Exports
Outlook
Top motives for the tourists who decided to buy before their trip:
• Cheaper 73%
• Special Turkish designs10%
• Better workmanship33%
• Better selection25%
Research by Piar-Gallup
21
www.gold.org Turkish Tourist Jewellery Market
Turkish Economy
Turkish Tourism
Turkish Jewellery Market
Tourist Jewellery Market
Tourist
Tourist as Jewellery Buyer
Tourist Market Retailers
Jewellery Exports
Outlook
Top motives for the tourists who decided to buy after they arrive:
• Attracted me 49%• Realized they were cheaper
39%• Good salesman help 30%• Lot of varieties 26%• Better workmanship 22%• Special Turkish designs
16%
Research by Piar-Gallup
22
www.gold.org Turkish Tourist Jewellery Market
Turkish Economy
Turkish Tourism
Turkish Jewellery Market
Tourist Jewellery Market
Tourist
Tourist as Jewellery Buyer
Tourist Market Retailers
Jewellery Exports
Outlook
Self purchase or gift:
• Self 80%• Gift 20%
Research by Piar-Gallup
23
www.gold.org Turkish Tourist Jewellery Market
Turkish Economy
Turkish Tourism
Turkish Jewellery Market
Tourist Jewellery Market
Tourist
Tourist as Jewellery Buyer
Tourist Market Retailers
Jewellery Exports
Outlook
Adornment or store of value:
• Adornment90%
• Store of value10%
Research by Piar-Gallup
24
www.gold.org Turkish Tourist Jewellery Market
Turkish Economy
Turkish Tourism
Turkish Jewellery Market
Tourist Jewellery Market
Tourist
Tourist as Jewellery Buyer
Tourist Market Retailers
Jewellery Exports
Outlook
Types of jewellery bought:
• Ring 34%• Chain 32%• Necklace25%• Earring 23%• Bracelet 17%• Pendant 10%
Research by Piar-Gallup
25
www.gold.org Turkish Tourist Jewellery Market
Turkish Economy
Turkish Tourism
Turkish Jewellery Market
Tourist Jewellery Market
Tourist
Tourist as Jewellery Buyer
Tourist Market Retailers
Jewellery Exports
Outlook
78% of the tourists said that they have never bought any jewellery from another country they visited.
Research by Piar-Gallup
26
www.gold.org Turkish Tourist Jewellery Market
Turkish Economy
Turkish Tourism
Turkish Jewellery Market
Tourist Jewellery Market
Tourist
Tourist as Jewellery Buyer
Tourist Market Retailers
Jewellery Exports
Outlook
Jewellery retailers for tourists:
• 6,000 in Mediterranean coast
• 1,000 inside Grand Bazaar in Istanbul
• 1,000 in other tourist areas
27
www.gold.org Turkish Tourist Jewellery Market
Turkish Economy
Turkish Tourism
Turkish Jewellery Market
Tourist Jewellery Market
Tourist
Tourist as Jewellery Buyer
Tourist Market Retailers
Jewellery Exports
Outlook
Mega jewellery stores for tourists:
• 40 Jewellery mega-retailers
• With average 3,000sqm shopping area
• With an average of 100 salesmen
28
www.gold.org Turkish Tourist Jewellery Market
Turkish Economy
Turkish Tourism
Turkish Jewellery Market
Tourist Jewellery Market
Tourist
Tourist as Jewellery Buyer
Tourist Market Retailers
Jewellery Exports
Outlook
Mega jewellery retailer stats:
• Average 100,000 tourists visit annually
• Average 20,000 sales per year
• Average 35,000 items sold per year
29
www.gold.org Turkish Tourist Jewellery Market
Turkish Economy
Turkish Tourism
Turkish Jewellery Market
Tourist Jewellery Market
Tourist
Tourist as Jewellery Buyer
Tourist Market Retailers
Jewellery Exports
Outlook
Mega jewellery retailer stats:
• Average item price US$1,000
• Main customer is German and Russian with 30% share each
• Rest is Europeans (Swiss, Austrian, Belgian, Dutch) with some Americans
30
www.gold.org Turkish Tourist Jewellery Market
Turkish Economy
Turkish Tourism
Turkish Jewellery Market
Tourist Jewellery Market
Tourist
Tourist as Jewellery Buyer
Tourist Market Retailers
Jewellery Exports
Outlook
0
50
100
150
19861987198819891990199119921993199419951996199719981999200020012002200320042005
Turkish Jewellery Exports (fine gold tonnes)
Tourist andLuggageTrade
DirectExports
31
www.gold.org Turkish Tourist Jewellery Market
Turkish Economy
Turkish Tourism
Turkish Jewellery Market
Tourist Jewellery Market
Tourist
Tourist as Jewellery Buyer
Tourist Market Retailers
Jewellery Exports
Outlook
Direct Exports vs Tourist Sales
• Turkish jewellery manufacturers are
the second biggest exporter in the world
• The tourist sales and direct exports are helping one another by creating awareness on Turkish jewellery brands
• Summer tourist retailers are catering their customers in their country of origin in winters
32www.gold.org Turkish Tourist Jewellery Market
Turkish Economy
Turkish Tourism
Turkish Jewellery Market
Tourist Jewellery Market
Tourist
Tourist as Jewellery Buyer
Tourist Market Retailers
Jewellery Exports
Outlook
Sources:
WGC, SIS
&
Trade estimates 2004 2005e 2006e 2007e 2008e
Number of Foreign Tourists (m) 17.5 21 24 27 30
Tourism Revenue (US$ bn) 14 16.5 18.5 20 21
Jewellery sales to tourists (tonnes) 58 69 77 84 89
33
www.gold.org Turkish Tourist Jewellery Market
Turkish Economy
Turkish Tourism
Turkish Jewellery Market
Tourist Jewellery Market
Tourist
Tourist as Jewellery Buyer
Tourist Market Retailers
Jewellery Exports
Outlook
5 Year Targets:
• Become one of the first 5 destinations in number of tourists
• Become one of the first 5 countries in tourism revenues
• Rate of increase in gold jewellery sales to tourists faster than the increase in tourism revenues
34
www.gold.org Turkish Tourist Jewellery Market
Turkish Economy
Turkish Tourism
Turkish Jewellery Market
Tourist Jewellery Market
Tourist
Tourist as Jewellery Buyer
Tourist Market Retailers
Jewellery Exports
Outlook
...during your next vacation, we wish all of you
a very happy holiday in Turkey, in the cradle of
civilizations, enjoying the turqoise beaches of
Cleopatra or skiing and hiking mount Ararat or playing golf or simply
sipping your Turkish coffee and enjoying your Turkish delight and buying lots of Turkish jewellery making
your holiday unforgettable...