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The United Kingdom?s luxury market continues to show strong growth, with 56 percent of brands adding to their workforce since 2014 and 75 percent expecting full-year sales to increase, according to a report by Wealth-X and Walpole.
With its tireless dedication to craftsmanship and heritage, the UK, and London specifically, has retained its status as the ?go-to? hub for the wealthy due to its established luxury infrastructure that has proved beneficial for both brands and consumers. Wealth-X and Walpole?s ?UK Luxury Benchmark 2015? study shows that despite economic turmoil elsewhere, the UK market has remained an attractive business and fiscal environment for the luxury industry to flourish.
?The central location of the UK and its attractive business and fiscal environment ? barring a potential exit from the European Union, continues to appeal to a diverse cross-section of nationalities,? said Madelaine Ollivier, senior luxury analyst at Wealth-X, London. ?London remains one of the world?s most established luxury cities and its luxury infrastructure continues to make it an exciting and dynamic place to be for both brands and consumers,? she said.
Wealth-X worked with Walpole, an alliance of 170 of UK-based luxury brands, for the fifth annual UK Luxury Benchmark study. For the study, the researchers surveyed 68 senior luxury market professionals with Walpole membership, 62 percent of whom are either c-level executives or brand owners.
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