UK Luxury Market Set To Double

THE UK luxury market is expected to double in size over the next five years. It's thought that the sector will be worth £12.2 billion in 2017, in comparison to £6.6 billion in 2012.

The findings were reported in the 2013 UK Luxury Benchmark study conducted by Walpole - a non-profit British industry group - and market research company Ledbury Research. The analysis was based on figures from the apparel, accessories, travel, hospitality and jewellery sectors, plus the results of surveys with senior management and executives.

"Despite the backdrop of the Eurozone crisis and a difficult economic environment, the UK luxury industry remains extremely robust and is forecast to grow significantly in size," said Julia Carrick, chief executive of Walpole.

Over 80 per cent of the labels surveyed forecasted an increase in sales for 2013, reports The Business of Fashion. The study also found that tourism remained crucial for the industry - with over 60 per cent of brands specifically targeting shoppers from abroad - with Chinese visitors the fastest-growing group of shoppers, closely followed by Americans. London remained the key central hub for most brands, with Manchester and Edinburgh experiencing the strongest sales outside of the capital.

"Behind some buoyant numbers, this year's results reveal the key theme of innovation for the British luxury market," said James Lawson, director of Ledbury Research. "Innovation from the brands - including their use of technology and social media - and a next generation of new and inquisitive luxury consumers who are voracious users of these new platforms."