Bright future for the UK luxury market← Back
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Image source - Conlumino
Retail research agency Columino has published a report which looks at the future of the luxury market in Europe. At the moment, Italy and France head the list of top luxury destinations, however this is set to change as the UK luxury market, currently in third place, is predicted to move up to first place ahead of it’s European neighbours.
The European luxury goods market was valued at £74 billion in 2013, and is predicted to reach £96 billion according to Columino’s findings. The product categories which are the most popular in terms of customer expenditure, are clothing at 24%, jewellery at 18% and watches at 15%.
The report also expands on why this change is set to come about. The UK’s strong economy is increasing the amount of people it attracts to work and live in the UK. Meanwhile events such as Wimbledon and Ascot, along with the city being home to leading department stores has turned London into a key luxury travel destination.
Maureen Hinton, group research director at Conlumino said: “Over recent years London’s status as a global luxury destination has increased as more and more luxury brands have opened flagship stores, and property companies and developers have transformed areas such as Bond Street and Regent Street making them far more attractive to global brands”. This encompasses recent news that Balmain and Alexander Wang are to open their first London stores in Mayfair as well as the announcement that Bond Street is to receive an injection of £20 million to redevelop it further. The future is certainly looking bright for the UK’s luxury industry.