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United Kingdom Luxury Goods Market Size, Share, Forecast: By Type: Watches and Jewellery, Perfumes and Cosmetics, Clothing, Bags/Purse, Others; By End Use: Women, Men; By Distribution Channel: Online, Offline; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Competitive Landscape; 2024-2032
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 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:
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| Breakup by Type |
|
| Breakup by End Use |
|
| 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 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.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Europe Luxury Goods Market Overview
8.1 Key Industry Highlights
8.2 Europe Luxury Goods Historical Market (2018-2023)
8.3 Europe Luxury Goods Market Forecast (2024-2032)
9 United Kingdom Luxury Goods Market Overview
9.1 Key Industry Highlights
9.2 United Kingdom Luxury Goods Historical Market (2018-2023)
9.3 United Kingdom Luxury Goods Market Forecast (2024-2032)
10 United Kingdom Luxury Goods Market by Type
10.1 Watches and Jewellery
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Perfumes and Cosmetics
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Clothing
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Bags/Purse
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 United Kingdom Luxury Goods Market by End Use
11.1 Women
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Men
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
12 United Kingdom Luxury Goods Market by Distribution Channel
12.1 Offline
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Online
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
13 United Kingdom Luxury Goods Market by Region
13.1 England
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 Wales
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Scotland
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 Northern Ireland
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators of Demand
14.4 Key Indicators of Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Chanel Limited
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Kering SA
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Rolex SA
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Hermès International S.A.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Giorgio Armani S.p.A.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Ralph Lauren Corporation
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Compagnie Financière Richemont SA
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Prada SpA
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 VALENTINO S.p.A.
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Tiffany & Co.
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Europe Luxury Goods Market: Key Industry Highlights, 2018 and 2032
2. United Kingdom Luxury Goods Market: Key Industry Highlights, 2018 and 2032
3. United Kingdom Luxury Goods Historical Market: Breakup by Type (USD Million), 2018-2023
4. United Kingdom Luxury Goods Market Forecast: Breakup by Type (USD Million), 2024-2032
5. United Kingdom Luxury Goods Historical Market: Breakup by End Use (USD Million), 2018-2023
6. United Kingdom Luxury Goods Market Forecast: Breakup by End Use (USD Million), 2024-2032
7. United Kingdom Luxury Goods Historical Market: Breakup by Distribution Channel (USD Million), 2018-2023
8. United Kingdom Luxury Goods Market Forecast: Breakup by Distribution Channel (USD Million), 2024-2032
9. United Kingdom Luxury Goods Historical Market: Breakup by Region (USD Million), 2018-2023
10. United Kingdom Luxury Goods Market Forecast: Breakup by Region (USD Million), 2024-2032
11. United Kingdom Luxury Goods Market Structure
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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