UK Luxury Goods Market Overview
Base Year: 2023
Historical Years: 2018-2023
Forecast Years: 2024-2032
Market Growth Rate: 4.70% (2024-2032)
The luxury market in the UK is thriving, and this is due to strong consumer demand, innovation, and a rich heritage of craftsmanship. According to the latest report by IMARC Group, the UK luxury goods market size reached USD 9.1 billion in 2023. Looking forward, IMARC Group expects the market to reach USD 13.7 billion by 2032, exhibiting a growth rate (CAGR) of 4.70% during 2024-2032.
Download sample copy of the Report: https://www.imarcgroup.com/uk-luxury-goods-market/requestsample
UK Luxury Goods Industry Trends and Drivers:
Today, the luxury market in the UK provides a great deal of change from what it was earlier, even in the last few years. New trends are emerging from shifts in lifestyles, technology, and economies. Consumers in the luxury segment increasingly want sustainability and ethical standards. Wealthy clients are increasingly choosing brands that show environmental responsibility and fair labor. They prefer brands with clear and honest supply chains. Luxury brands have started using eco-materials, cutting carbon footprints, and investing circularly. They have focused on resale platforms and repair services. Conscious consumption boosts demand for vintage and second-hand luxury items. Sites like Vestiaire Collective and The RealReal are now very popular. Thus, people can have access to some exclusive and timeless pieces while being green.
The UK luxury goods market is changing fast due to the quick shift to online shopping. This change sped up because of the COVID-19 outbreak. E-commerce is now the foundation of luxury retail. Brands are investing in their online platforms. They focus on personalized shopping experiences. They also use AR tools to recreate in-store interactions. Social media platforms like Instagram and TikTok are now key marketing tools. They help middle-aged brands reach younger, tech-savvy audiences. We achieve this through influencer collaborations and tailored content. The “physical” experience, which blends physical and digital retail, is growing in popularity. Luxury brands are using technology to create smooth omnichannel experiences. Customers can explore collections from home using virtual showrooms. AI advisors also provide tailored recommendations. The UK has become a luxury hub for many international tourists. This was especially true for visitors from the Middle East and Asia. Its rich history and top shopping spots like Bond Street and Harrods attract them.
UK Luxury Goods Industry Segmentation:
The market report offers a comprehensive analysis of the segments, highlighting those with the largest UK luxury goods market share. It includes forecasts for the period 2024-2032 and historical data from 2018-2023 for the following segments.
The report has segmented the market into the following categories:
Product Type Insights:
- Watches and Jewellery
- Perfumes and Cosmetics
- Clothing
- Bags/Purse
- Others
Distribution Channel Insights:
- Offline
- Online
End User Insights:
- Women
- Men
Regional Insights:
- London
- South East
- North West
- East of England
- South West
- Scotland
- West Midlands
- Yorkshire and The Humber
- East Midlands
- Others
Competitive Landscape:
The competitive landscape of the industry has also been examined, along with the profiles of the key players.
Key highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Strategic Recommendations
- Historical, Current, and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us:
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provides a comprehensive suite of market entry and expansion services. IMARC offerings include a thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape, benchmarking analyses, pricing and cost research, and procurement research.
Contact Us:
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
Email: sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
United States: +1-631-791-1145
