Market Size of United Kingdom Luxury Goods Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 4.35 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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UK Luxury Goods Market Analysis
United Kingdom luxury goods market is projected to register a CAGR of 4.35% during the forecast period, 2022-2027.
Rising purchasing power, internet connectivity, and modern and changing lifestyles are in turn influencing positively the spending pattern of the consumers in the market. The luxury consumer in the United Kingdom has a strong impulsive purchasing driver, which is especially prominent among women and older generations. The millennial generation is noticeably more trend-driven and less routine-oriented, which in turn drives the demand for luxury fashion products including apparel, bags, and footwear.
In the long term, the market is expected to register significant growth in leather goods, owing to the well-established leather processing industry, which allows British designers to design high-end bags, apparel, and footwear by utilizing quality leather.
The luxury goods industry is impacted heavily by COVID-19 due to the closure of retail shops and duty-free shops that generate sales mainly at the airport. Covid-19 acted as a catalyst to change the luxury goods market, online shopping for luxury goods soared, and online channels are set to become the leading channel for luxury purchases in the next 3-4 years.
