MARKET RESEARCH IN TURKEY
Turkey Market Research: Unlocking Business Opportunities with Insights
Market research in Turkey plays a vital role in the success of businesses that want to operate in competitive Turkish market. Turkey offers significant business potential due to its strategic geographic location and constantly growing economy. Market research unlocks consumer trends for companies to capitalize on.
10 reasons highlighting the importance of understanding the Turkish market before starting to work in Turkey:
1) Strategic geographic location: Situated at the crossroads of Europe and Asia, Turkey acts as a gateway to both continents. Turkey provides close access to a wide range of international markets.
2) Broad consumer base: With a population of over 80 million, Turkey offers a wide and diverse consumer network from which businesses can benefit.
3) Growing economy: Turkey has experienced significant economic growth in recent years, offering numerous job opportunities in various sectors.
4) Cultural dynamics: Understanding the cultural nuances of Turkey is essential for companies. It helps to develop products and marketing strategies that resonate with Turkish consumers.
5) Consumer behavior: Gaining insight into the behavior, preferences, and buying patterns of Turkish consumers allows companies to tailor their products and services. This helps meet specific market requirements.
6) Regional differences: Turkey shows regional differences in terms of consumer preferences. Understanding these regional differences is vital for businesses to effectively target specific geographies.
7) Competitive landscape: Conducting market research helps companies learn about their competitors and analyze their strategies. This enables companies to develop unique methods to stand out in the market.
8) Market trends and innovations: Keeping abreast of the latest market trends, new technologies, and consumer preferences in Turkey allows companies to tailor their offerings. This helps them stay ahead of the competition.
9) Regulatory environment: Understanding the regulatory framework and legal requirements in Turkey is critical for companies to comply with the law. This helps them navigate the local business environment efficiently and comfortably.
10) Risk mitigation: Market research helps identify potential risks and challenges in the Turkish market. This allows companies to make informed decisions and develop strategies to mitigate these risks.
8 features that distinguish consumer behavior in Turkey from other countries:
1) Strong family ties: Turkish consumers generally attach great importance to family values and prefer to maintain close relationships with their families. Thus, family approval and family recommendations can be effective in making a purchasing decision.
2) Influence of the social environment: Turkish consumers sometimes take into account the influence of the social environment when making a purchase decision. An important factor is the sharing of product and brand preferences among friends, relatives and neighbors.
3) Price Sensitivity: Turkish consumers tend to be very price sensitive. Discounts, promotions, and campaigns on available products can be a determining factor in your purchasing decision.
4) Personal relationships: Turkish consumers value personal relationships in the shopping process. They prefer to establish friendly and close relationships with sellers.
5) Brand Loyalty: Turkish consumers tend to be very loyal to certain brands and brand preferences. Turkish consumers prefer reliable brands and well-known brands.
6) Quality Orientation: Turkish consumers usually attach great importance to the quality of a product or service. Preference is given to brands that offer quality products and services.
7) Social media effect: Turkish consumers are actively using social media, especially in recent years. Social networks play an important role in the choice of products and brands.
8) Interest in gift products: Turkish consumers care about buying gifts for their loved ones and giving gifts on holidays or special occasions. Thus, souvenirs and special discounts can influence the purchase decision.
TURKEY IMPORT DATA IN 2022
Product | Share ------ | -------
Mineral fuels, petroleum products and products of their distillation | 24.7%
Machinery, mechanical devices and parts thereof | 19.0%
Iron and steel | 10.9%
Electrical machines and equipment | 9.8%
Cars, trucks and their parts | 6.3%
Organic chemicals | 5.5%
Plastics and products from them | 4.8%
Pharmaceuticals | 4.2%
Aircraft, spacecraft and their parts | 3.8%
TURKEY EXPORT DATA IN 2022
Product | Share ------ | -------
Transport | 13.0%
Cars | 12.3% i
Cast iron and steel | 10.4%
Textile | 9.4%
Electrical machines and equipment | 7.5%
Food | 6.8%
Plastics and products from them | 5.8%
Chemicals | 5.5%
Furniture | 4.9%
Cotton | 4.7%
GENERAL ANALYSIS 2022
Turkey imports large quantities of raw materials such as mineral fuels, iron and steel. It also imports a large number of machinery, electrical equipment and automobiles. In accordance with Turkish economy is still highly dependent on manufacturing. It also has to import large amounts of resources to produce its goods.
If we look at exports, Turkey mainly exports cars, machinery, iron and steel, textiles and electrical equipment. Can be understood that Turkish manufacturing sector is competitive and capable of producing high-quality goods. These goods are in demand in international markets.
In general, this shows that Turkey is a country with a mixed economy. Turkey has a strong manufacturing sector capable of exporting goods to international markets. However, it has to import a lot of raw materials and materials. This shows that Turkey must continue to invest in the manufacturing sector. And develop its own resources in order to become more self-sufficient.
Turkey imports raw materials and capital goods as a developing country with a growing economy. As the economy grows, the demand for these products will increase.
Turkey's finished product exports show that it has a strong manufacturing sector and is a competitive country. This is a positive sign for the future of the Turkish economy.
For Turkey to become more self-sufficient, it must continue to invest in the manufacturing sector and develop its own resources. This will help reduce dependence on imports and make the Turkish economy more resilient to shocks.
GENERAL STATISTICS FOR TURKEY
* Population: 85,279,553 (2022 est.)
* Area: 783,562 km2 (302,533 sq mi)
* Capital: Ankara
* Official language: Turkish
* Currency: Turkish Lira (TRY)
* GDP (PPP): $2.2 trillion (2022 est.)
* GDP per capita (PPP): $26,100 (2022 est.)
* HDI: 0.774 (high) (2022)
* Literacy rate: 98.7% (2020)
* Life expectancy: 78.4 years (2022)
* Unemployment rate: 10.03% (2023 est.)
*Inflation rate: 19.6% (2023 est.)
* Debt to GDP ratio: 41.80% (2022 est.)
TOP IMPORT CITIES
City Top Export
Istanbul Automotive, Textile, Iron and Steel
Gaziantep Textile, Auto Parts, Building Materials
Kocaeli Auto Parts, Textile, Machinery
Izmir Textile, Chemistry, Food
Bursa Auto Parts, Textile, Machinery
Ankara Machinery, chemistry, iron and steel
The top 20 countries Turkey imports from are listed below:
Chinese
Russia
Germany
Italy
USA
France
England
Spain
India
Iranian
South Korea
Holland
Belgium
Japan
Saudi Arabia
Poland
Switzerland
Malaysia
Thailand
Mexican
The top 20 countries Turkey exports to are listed below:
Germany
England
Italy
USA
France
Spain
Holland
Iraq
Poland
Belgium
Chinese
Russia
Iranian
Romania
Greece
Corn
Israel
Saudi Arabia
Bulgaria
Algeria
WHICH SECTORS WILL GO TO THE FRONT IN TURKEY IN 2024?
1. Renewable Energy
Turkey is seeking to reduce its dependence on fossil fuels. For this reason, investment in renewable energy is gaining momentum. Investment in solar and wind energy projects is expected to increase further in 2024.
2. Tourism
Prices, beauty (natural & historical) solidify Turkey's top tourist spot in 2024.
We see that especially medical tourism has developed significantly in recent years. Turkey has now become the center of medical tourism in the world.
3. Agriculture and Agricultural Technologies
Sustainable agriculture has become a growing trend in the world. Turkey is also seeking to adapt to this trend. Investments in this context will continue in 2024.
4. Production
The production of automobiles, including electric vehicles, is expected to increase.
5.Textiles and Ready-to-Wear:
Turkey will continue to occupy the leading position in the market this year, which it has held for many years.
6. Health and Medicine
It aims to expand biotechnology research and development, especially in the areas of drugs and vaccines.
The growth and development of private healthcare infrastructure will continue.
7. Construction and Infrastructure
Major infrastructure projects, including highways, bridges and urban renewal projects, are expected to continue.
8. Education and Educational Technologies
Online learning platforms and digital educational tools are expanding. In addition, foreign student influx surges; expected to rise further this year.
9. Logistics and Transport
Smart city investments, including transport, will show impact this year.
10. Defense Industry
This year there will also be a significant increase in domestic defense production and exports.