Speaking to CPP-LUXURY.COM several major luxury retailers in Syria confirm turmoil triggers sales drops of over 50% in all sectors especially fashion, accessories, jewellery and watches, an increasing number of wealthy consumers travelling to neighbouring Turkey and Lebanon.
According to CPP‘s extensive research on Syria, even before the currently turmoil, over 30% of the wealthy target group in Syria used to make their regular luxury purchases abroad. According to CPP’s latest luxury market report on Syria released March 2010, Syria wealthy, 3% of the total population hold 1% of the country’s GDP.
CPP estimates that the current unrest pushes back Syria economic progress by at least 5 years, all major European and Middle East investments having being put on hold indefinitely.
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