Luxury Market To Increase By 57%

Luxury Market To Increase By 57%

The success of brands such as Jimmy Choo and Burberry will continue to grow and lead to a 57% increase by 2015 . Making the luxury market double and taking the figure up to £9.4Bn.This is in according to The UK Luxury Benchmark Survey where, more than 80 senior luxury executives were surveyed with regards to the expectations of the industry, as well as the issues facing luxury brands over the coming year. It was then made official when collaborated with Ledbury Research firm, who discovered 91% of the luxury brands surveyed were confident of sales growth over 2011.

The attitude of the luxury consumer has changed since 2010. The so-called “luxury shame” is now falling away, meaning the industry is becoming less reliant on selling via private parties compared to 2010.

James Lawson, director at Ledbury Research Said: “The confidence in the UK luxury industry is different from that seen at the peaks of 2007, which was associated with a more conspicuous consumption. Today’s luxury consumers are different; demand is more considered and refined and the leading British brands are well positioned to engage with this audience,”

The Americans, and the Chinese are said to be the biggest tourist spenders within the UK Luxury market. Tourism is the main reason for the success of designer brands, with just over £1 in every four spent on UK luxury brands coming from visitors to the UK.

To ensure future growth within the luxury market, it is important overseas spend carries on growing. The key focus for expansion is aimed at China, with 41% of brands surveyed already operating in the country. And a further 34% planning to do so at some point this year.

 

Photo: www.internationalsupermarketnews.com

 

By Jennie May Thompson