Luxury goods in the UK is fragmented, and positive growth is only evident across some categories. The market initially proved resilient to inflationary pressures, the pandemic and Brexit.
Luxury goods in the UK continues to be driven primarily by high net worth individuals (HNWI), tourists and affluent millennials. With many wealthy individuals migrating to the United Arab Emirates, the UK is expected to see a net loss of 9,500 millionaires over 2024.
The overall competitive landscape of luxury goods in the UK continues to be led by premium and luxury car manufacturers (Volkswagen Group United Kingdom Ltd, BMW (UK) Ltd, Mercedes-Benz Cars UK Ltd, Tata Motors Ltd and Tesla Inc) and luxury fashion houses, primarily led by their offerings in the personal luxury space (Louis Vuitton UK Ltd, Chanel Ltd, Christian Dior (UK) Ltd, and Richemont UK Ltd, among others). Overall, the competitive landscape remains essentially unchanged.
Specialist retailers and e-commerce remain important to the distribution of luxury goods in the UK. Whilst e-commerce has gained momentum and penetration in recent years, the importance of bricks-and-mortar retail remains imperative to the luxury buying experience, especially given the further perpetuation of luxury as a lifestyle and a consumer-driven embrace of prioritising luxury experiences.
Given the sales slowdown across luxury goods in the UK in 2024, a similar trend can be expected over the forecast period. As consumer preferences, global dynamics and economic factors continue to shift, brands must be more adaptable in catering for luxury buyers.
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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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