UK to become largest luxury goods market in Europe by 2018
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Luxury Goods retailing in Europe is forecast to reach $150bn (£96bn) by 2018, with the UK set to overtake France and Italy to become to become the leading luxury shopping market by 2018.
This is according to forecasts from retail research agency Conlumino, which says that jewellery and watches is the second largest luxury category in Europe with 18% of shares in luxury sales.
Conlumino said that the European luxury goods retail market will grow to $149.8bn (£96bn) by 2018, an increase of $38bn (£24bn) between 2013 and 2018.
The top five luxury markets in 2013 were Italy, France UK, Germany and Russia, but the UK is expected to take the top spot by 2018 with a 19.6% share.
Conlumino says that the UK’s “strengthening” economy and its development of luxury shopping destinations in Central London is attracting more luxury tourists and increasing spend.
Maureen Hinton, group research director at Conlumino, said: “Over recent years London’s status as a global luxury destination has increased as more and more luxury brands have opened flagship stores, and property companies and developers have transformed areas such as Bond Street and Regent Street making them far more attractive to global brands.”
