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Base Year
Historical Year
Forecast Year
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% |
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 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
Market Breakup by End Use
CAGR 2024-2032 - Market by | Distribution Channel |
Online | 7.4% |
Offline | XX% |
Market Breakup by Distribution Channel
CAGR 2024-2032 - Market by | Region |
England | 6.6% |
Wales | XX% |
Scotland | XX% |
Northern Ireland | XX% |
Market Breakup by Region
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.
Market players are leveraging technology to generate online sales and develop brand awareness.
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:
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Breakup by Type |
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Breakup by End Use |
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Breakup by Distribution Channel |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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United Kingdom Luxury Goods Market Size
United Kingdom Luxury Goods Market Growth
*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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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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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
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