Retail value sales of luxury goods in the UK grew by 7% in 2023 in current terms, to stand at GBP48.9 billion.
The UK is a major luxury goods market, with a wealthy population and a healthy number of home-grown British luxury heritage brands. In spite of headwinds arising from the cost-of-living crisis, inflation, the war in Ukraine, and supply chain issues, sales of luxury goods therefore saw positive growth in the last year of the review period.
The luxury goods industry remains highly competitive. With many consumers thinking twice before buying, luxury players are putting value creation at the forefront of innovation, ensuring that that the products and services they sell are attractive to consumers.
Digitalisation is reshaping the luxury retail landscape, transforming the ways in which consumers engage with luxury brands and retailers, and also influencing how they shop. This means that physical retailers are having to become more competitive and change their outlets to attract consumers, who are increasingly turning to the web when buying luxury items.
Luxury goods has a positive future ahead, with the release of demand that built up during the pandemic expected to result in consumers increasingly purchasing high-end products during the forecast period. Retail sales of luxury goods in the UK are expected to increase at a CAGR of 6% in current value terms (3% constant 2023 value CAGR) over the forecast period, to amount to GBP63.
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Understand the latest market trends and future growth opportunities for the Luxury Goods industry in United Kingdom with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Data and analysis in this report provides further detailed coverage dedicated to the following key categories, where applicable:
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Luxury Goods
This is an aggregation of: Personal Luxury, Fine Wines/Champagne and Spirits, Luxury Cars and Experiential Luxury.
See All of Our DefinitionsThis report originates from Passport, our Luxury Goods research and analysis database.
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