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Report Overview

2023

Base Year

2018-2023

Historical Year

2024-2032

Forecast Year

United Kingdom Luxury Goods Market Size

The United Kingdom luxury goods market is projected to grow at a CAGR of 5.7% between 2024 and 2032.

UK Luxury Goods Market Report Summary Description Value
Base Year USD Million 2023
Historical period USD Million 2018-2023
Forecast Period USD Million 2024-2032
Market Size 2023 USD Million XX
Market Size 2032 USD Million XX
CAGR 2018-2023 Percentage XX%
CAGR 2024-2032 Percentage 5.7%
CAGR 2024-2032 - Market by Region England 6.6%
CAGR 2024-2032 - Market by Type Watches and Jewellery 6.4%
CAGR 2024-2032 - Market by Distribution Channel Online 7.4%
Market Share by Region 2023 Scotland XX%

United Kingdom Luxury Goods Market Outlook

  • As per industry reports, the UK imports of wristwatches, battery-powered and with a case accounted for a total value of USD 5,408.63K with major imports from Switzerland, China, and Spain.
  • In June 2024, Marks and Spencer announced the launch of a new clothing repairs and alteration service to boost sustainable habits among customers.
  • In June 2024, fast-fashion online brand Shein notified the launch of its resale platform in the United Kingdom and Europe.

United Kingdom Luxury Goods Market Growth

The luxury goods market is projected to witness substantial growth due to numerous factors. These include increasing income levels, personal customization options, a shift towards e-commerce for luxury shopping, rising D2C sales, changing consumer values, and a focus on British heritage. Additionally, there is a growing emphasis on luxury products made sustainably through ethically sourced materials.

Moreover, prominent market players are using strategies such as brand storytelling to resonate with their target audience by relating their products with the consumers’ core values. For instance, UK Luxury fashion house- Burberry Group plc deploys a large-scale storytelling campaign where it hosts live performances and interviews of British artists and promotes them through its website and social media handles. This has increased profits for both the parties and established brand identity which has influenced purchasing decisions and boosted market growth.

Furthermore, as a result of rapid technological developments, augmented reality (AR) solutions are being integrated into the fashion retail industry by key players such as Chanel and Ralph Lauren, among others to provide a highly immersive in-store experience to consumers so that they can make informed decisions and conveniently buy luxury goods such as clothes, bags, and accessories that align with their style and values.

United Kingdom Luxury Goods Market

United Kingdom Luxury Goods Industry Segmentation

“United Kingdom Luxury Goods Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

CAGR 2024-2032 - Market by Type
Watches and Jewellery 6.4%
Perfumes and Cosmetics 6.1%
Clothing XX%
Bags/Purse XX%
Others XX%

Market Breakup by Type

  • Watches and Jewellery
  • Perfumes and Cosmetics
  • Clothing
  • Bags/Purse
  • Others

Market Breakup by End Use

  • Women
  • Men
CAGR 2024-2032 - Market by Distribution Channel
Online 7.4%
Offline XX%

Market Breakup by Distribution Channel

  • Online
  • Offline
CAGR 2024-2032 - Market by Region
England 6.6%
Wales XX%
Scotland XX%
Northern Ireland XX%

Market Breakup by Region

  • England
  • Wales
  • Scotland
  • Northern Ireland

United Kingdom Luxury Goods Market Share

Based on distribution channel, the market is mainly divided into online and offline. Online distribution channels are expected to grow at a CAGR of 7.4% over the forecast period. These channels are growing in popularity due to the boom in e-commerce sector and integration with AR technology which offers several advantages such as special discounts for price-conscious consumers, an immersive experience, a wide range of choices, and convenient return and refund policies, among others. On the other hand, offline channels also hold a considerable portion in the market share as they are majorly used to buy luxury goods such as perfumes, cosmetics, watches, jewellery and bags, among others that require quality assurance before purchase.

Leading Companies in United Kingdom Luxury Goods Market

Market players are leveraging technology to generate online sales and develop brand awareness.

  • Chanel Limited
  • Kering SA
  • Rolex SA
  • Hermès International S.A.
  • Giorgio Armani S.p.A.
  • Ralph Lauren Corporation
  • Compagnie Financière Richemont SA
  • Prada SpA
  • VALENTINO S.p.A.
  • Tiffany & Co.
  • Others

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Type
  • End Use
  • Distribution Channel
  • Region
Breakup by Type
  • Watches and Jewellery
  • Perfumes and Cosmetics
  • Clothing
  • Bags/Purse
  • Others
Breakup by End Use
  • Women
  • Men
Breakup by Distribution Channel
  • Online
  • Offline
Breakup by Region
  • England
  • Wales
  • Scotland
  • Northern Ireland
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Chanel Limited
  • Kering SA
  • Rolex SA
  • Hermès International S.A.
  • Giorgio Armani S.p.A.
  • Ralph Lauren Corporation
  • Compagnie Financière Richemont SA
  • Prada SpA
  • VALENTINO S.p.A.
  • Tiffany & Co.
  • Others

United Kingdom Luxury Goods Market Report Snapshots

United Kingdom Luxury Goods Market Size

United Kingdom Luxury Goods Market Growth

United Kingdom Luxury Goods Market Share

United Kingdom Luxury Goods Companies

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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Key Questions Answered in the Report

The market is estimated to grow at a CAGR of 5.7% between 2024 and 2032.

The major drivers are rising disposable income, changing consumer preferences, and increasing role of ecommerce channels.

The key trends of the luxury goods market in the United Kingdom include the usage of augmented reality in retailing, growing focus on sustainability, and growing global demand for various kinds of luxury goods such as bags, handbags, and clothing items.

Based on region, the market is mainly divided into England, Wales, Scotland, Northern Ireland.

Based on distribution channels, the market is segmented into online and offline.

The key players in the market are Chanel Limited, Kering SA, Rolex SA, Hermès International S.A., Giorgio Armani S.p.A., Ralph Lauren Corporation, Compagnie Financière Richemont SA, Prada SpA, VALENTINO S.p.A., Tiffany & Co., among others.

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63 Fiona Drive, Tamworth, NSW

+61 448 06 17 27

C130 Sector 2 Noida, Uttar Pradesh 201301

+91-858-608-1494

40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.

+63 287899028, +63 967 048 3306

6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London

+44-753-713-2163

193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City

+84865399124