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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
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 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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