United Kingdom Luxury Goods Market Report and Forecast 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.

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:

Market Breakup by Type

• Watches and Jewellery

• Perfumes and Cosmetics

• Clothing

• Bags/Purse

• Others

Market Breakup by End Use

• Women

• Men

Market Breakup by Distribution Channel

• Online

• Offline

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

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