Are Luxury Brands Cheaper In Turkey? Here’s What You Need To Know
If you are on the hunt for the best luxury deals, you may be wondering, are luxury brands cheaper in Turkey? We are here with all the must-know information to answer that question!
Turkey is a gorgeous holiday destination, perfect for relaxing on the beach or sunbathing by the pool, but is it a good place for a little luxury retail therapy? If you are thinking of heading to Turkey, you need to know what luxury shopping is like in Turkey and whether luxury products are any cheaper! That’s where we come in, with an answer to the question, are luxury brands cheaper in Turkey?
We are going to give you all the information you need to know before going shopping in Turkey, the best places to shop, and the top brands to go for. Just keep reading to find how to find out everything you need to know about luxury shopping in Turkey.
Are luxury brands cheaper in Turkey?
In short, luxury brands are currently not cheaper in Turkey when compared to the US, UK, and EU, unless you are visiting from a US state with a high sales tax – more on this later.
This is down to many reasons, one of which is the country’s ongoing struggle with high inflation.
Inflation In Turkey
Turkey has been facing significant economic challenges in recent years, particularly with regard to inflation, its currency and debt. These extremely high inflation rates have eroded the value of the Turkish Lira and impacted the purchasing power of citizens. The latest data shows that the year-on-year inflation from Feb 2023 was 55%, which is unheard of in the US and Europe.
Turkey’s inflation and economic problems have also had significant impacts on luxury brands operating in the region. With the devaluation of the Turkish Lira, the cost of imported luxury goods has increased, making it more expensive for luxury brands to operate in the country.
With this said, you may be able to get a better deal in Turkey on luxury purchases, if you are visiting from a US state with a high sales tax, such as New York, thanks to the tax refund scheme.
3. Tax Refund
When shopping in Turkey, you get to take advantage of the country’s tax refund system, which varies from 2.9%-4.5%, according to upon.io.
However, there are certain things you have to do to be eligible for this refund.
- Firstly, you cannot be a permanent resident of Turkey; this means that if you live outside of Turkey in countries within the European Union, the United Kingdom, or the United States, you will qualify for this sales tax refund.
- At a minimum, you have to spend 108 TRY ($30 at the current rate) in one store.
- At maximum, you can claim back 57,300 TYR per year ($15,602 at the current rate), according to Orbitax
- You also have to be over the age of 16 to receive this refund.
How to Receive the Tax Refund
In order to receive the refund, there are certain documents that you need to keep hold of. When you are luxury shopping and purchasing your new designer piece, you need to present your passport at the checkout to ensure the sales assistant fills out the correct paperwork.
Then when you reach the airport in Turkey to go home, you have to present your new purchases for inspection at the customs desk – these purchases must also be unused in order to receive the refund.
You will also need to hand over your tax documents from the stores, the receipt, and your passport so that the correct paperwork can be filled out and stamped. This paperwork must then be submitted at the tax refund kiosk to receive your tax refund.
Price comparison
If we look at the prices of some luxury brands that release the prices of their products on both the US and Turkish websites, such as Chanel, it’s easy to compare the prices of goods. Keep in mind that as the inflation is high in Turkey, these prices will inevitably change throughout 2023 and beyond.
1. Chanel Classic Flap Bag
Chanel’s best-selling bag, the Classic Flap bag in medium, retails for $10,200 + tax in the US, and for $10,695.72, or 203 700 TRY in Turkey. After the tax refund, this would cost approx $10,213, which is a little cheaper than what the bag would cost in most US states when sales tax is added to the final price.
2. Chanel 19 Bag
Chanel’s trendy 19 bag retails for $6,400 + tax in the US, and for $6,726, or 128 100 TRY in Turkey. After the tax refund, the bag will cost approx $6,423.
Luxury Shopping In Turkey
When you are shopping in Turkey, there are a few places you really need to visit to get the whole luxury fashion experience! Many of the best places to shop in Turkey are in Istanbul since this is the capital city. If you are in Istanbul, you need to head to Bagdat Street and the Nişantaşı mall to find the top luxury brands, including Saint Laurent, Louis Vuitton, and Gucci.
There are also lots of incredible shopping centers all over Istanbul that have a wide range of top fashion houses, including İstinye Park, Kanyon, and the new Zorlu Center, which is filled with department stores and international brands. Istanbul’s Grand Bazaar and The Mall of Istanbul are also must-visit locations if you are looking for a more authentic Turkish experience, local goods, and Turkish brands.
Best-Selling Luxury pieces
Here are some of the incredible luxury goods from the top luxury fashion houses that you should pick up while you are in Turkey!
1. Louis Vuitton
The Louis Vuitton Monogram Neo Noé is a classic, beloved bag that has been a best seller for the brand since the 1930s when it was first introduced. This stunning bucket bag is crafted from LV monogram coated canvas for a stylish look and durable finish and then complemented by tan leather for the drawstring closure and shoulder strap.
The drawstring closure allows easy access to the room interior, lined with Alcantara and fitted with a slip pocket to hold any small items you need within easy reach. This timeless Louis Vuitton bag is a fantastic investment piece you really need in your life.
For something a little more eye-catching, this Louis Vuitton Epi Alma bag is a great option! We love the striking silhouette of the Alma bag, with a curved top line reflected in the curved, rolled leather top handles.
The orange epi leather will add a gorgeous pop of color to any outfit and the textured finish makes it a pretty durable leather too; the bag has then been finished with sparkling silver hardware for a striking look. The top zipper opens to a roomy interior, featuring a slip pocket. This Alma bag is the ideal everyday handbag for all your daily essentials and a fashionable look.
2. Gucci
The Gucci Ophidia Tote is a best-selling bag that has recently received a super practical update in the form of extra top handles. This Ophidia Tote bag is crafted from GG Supreme canvas in the beige and white color combination – versatile colors that ensure a chic look – and paired with beige luxe leather for the base and handles.
The tote is fitted with two shorter leather top handles so you can carry the bag in your hand and two longer straps to slip over your shoulder – so many styling options! This perfectly practical bag has a spacious interior, ideal for your must-have items for a busy day out.
The Gucci Blondie top-handle bag is one of the new additions to the Gucci brand and has a totally irresistible and quintessentially Gucci look. The chic top handle bag is crafted from luxe pale pink leather and embellished with gleaming gold hardware.
The interlocking G logo has been pulled from the Gucci archives for a retro and vintage touch! The bag comes with a gold chain shoulder strap featuring the GG logo as well as a leather shoulder strap so you can adapt the bag to suit your look. The interior is just as perfect, with a zip pocket and two open pockets.
3. Chanel
Chanel is a world-renowned brand and their classic double flap bags are some of the most in-demand bags in the world. A small double flap, like this Caviar Quilted Small Double Flap, is a must-have in your collection. The caviar leather looks gorgeous and ensures durability too, while the diamond quilting and a light gold CC logo add a glam finishing touch.
The leather threaded chain strap can be worn on the shoulder or across the body while the luxurious interior is lined with leather and fitted with handy patch pockets. Chanel flap bags are a great investment piece that is definitely worth picking up in a country with the tax refund program.
If you are looking for a Chanel bag that is a little more distinctive, then you need the Chanel 19 Flap bag in your life. This bag has a more relaxed aesthetic with supple goatskin leather, oversized diamond quilting, and a chunky chain strap.
The front flap is decorated with a gold chain CC logo and opens to a spacious interior fitted with a handy zipper pocket. The bold strap is made from chain links of aged gold, silver, and ruthenium for a striking look. The back of the bag features a large slip pocket, ideal for any items you need within easy reach.
We hope you found this article answering the question, are luxury brands cheaper in Turkey, helpful! For more luxury fashion content, check out the links below.
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