UK Luxury Goods Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 4.35 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
UK Luxury Goods Market Analysis
United Kingdom luxury goods market is projected to register a CAGR of 4.35% during the forecast period, 2022-2027.
Rising purchasing power, internet connectivity, and modern and changing lifestyles are in turn influencing positively the spending pattern of the consumers in the market. The luxury consumer in the United Kingdom has a strong impulsive purchasing driver, which is especially prominent among women and older generations. The millennial generation is noticeably more trend-driven and less routine-oriented, which in turn drives the demand for luxury fashion products including apparel, bags, and footwear.
In the long term, the market is expected to register significant growth in leather goods, owing to the well-established leather processing industry, which allows British designers to design high-end bags, apparel, and footwear by utilizing quality leather.
The luxury goods industry is impacted heavily by COVID-19 due to the closure of retail shops and duty-free shops that generate sales mainly at the airport. Covid-19 acted as a catalyst to change the luxury goods market, online shopping for luxury goods soared, and online channels are set to become the leading channel for luxury purchases in the next 3-4 years.
UK Luxury Goods Market Trends
This section covers the major market trends shaping the UK Luxury Goods Market according to our research experts:
Rising Affinity for Vegan Leather Goods
Sustainable fashion is a new concept emerging across many European countries including the United Kingdom. Modern consumers are looking for environment-friendly fashion accessories and prefer more purpose-driven brands. This led to the emergence of sustainable leather replacements made from a variety of materials, including pineapple fibers, apple scraps, palm leaves, and even wine. These materials are designed to resemble the texture and tensility of animal leather, and come in a variety of colors and textures. Therefore, major brands like Hermes, Bottega Veneta, Tommy Hilfiger, Chlo茅, etc are designing products made up of 'vegan leather' to target eco-conscious consumers. For instance, in March 2021, Hermes announced the launch of its vegan bag called Victoria, the travel bag, which is traditionally made of Hermes' gritty Clemence calfskin and is now available in Sylviana, a mushroom-derived leather substitute. Additionally, Tommy Hilfiger recently launched leather shoes which are high-quality leather made from recycled apple peel fibers.
Emergence of E-commerce
With the rising adoption of the digital economy in the country, e-commerce has emerged as an alternate shopping platform for UK customers in recent years, shaping new user interactions, disrupting business models, and creating new growth opportunities for both single and multi-brand stores of luxury goods. Consumers now engage with most brands through their own branded online stores and multi-brand e-tailers.
Moreover, luxury goods buyers are now influenced by the information available on social media and other digital platforms. As a result, leading luxury brands such as Louis Vuitton, Chanel, and Gucci, have been rushing to embrace the digital landscape, whether by partnerships with multi-brand sites, like Farfetch, the creation of their own websites, or a combination of the two. Furthermore, with the improving logistics capabilities, faster delivery, and hassle-free returns, single and multi-luxury brand retailers are making customers feel more at ease with online purchases, which is driving the overall growth of the luxury goods market in the country.
UK Luxury Goods Industry Overview
Some of the prominent players identified in the United Kingdom luxury goods market are LVMH, Compagnie Financi猫re Richemont S.A., The Estee Lauder Companies Inc., L'OREAL, and KERING, among others. The brands which are more popular among women consumers are Estee Lauder, Swarovski, Pandora, Chanel, Dior, and Calvin Klein, on the other hand, the brands that are more popular among men consumers are Rolex, Hugo Boss, Calvin Klein, Ralph Lauren, Chanel, and TAG Heuer, among others. New product launches, strategic collaborations, and expansion of online distribution capabilities are some of the key strategies adopted by key industry participants to strengthen the market position and reach a wider consumer base.
UK Luxury Goods Market Leaders
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The Estee Lauder Companies Inc.
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KERING
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LVMH Moet Hennessy Louis Vuitton
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Compagnie Financi猫re Richemont S.A.
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PVH Corp.
*Disclaimer: Major Players sorted in no particular order
UK Luxury Goods Market News
- In September 2021, Est茅e Lauder launched a new collection of luxury perfumes, featuring the brand's exclusive technology - ScentCapture Fragrance Extender which allows the fragrance to last for aroundnd 12 hours after a single application.
- In April 2020, Burberry has released a curated edit of 26 styles from the Spring/Summer 2020 collection made from the most cutting-edge sustainable materials currently being used throughout the Burberry product range. This is part of the brand's industry-leading product sustainability programs and builds on a legacy of innovation.
- In January 2020, Versace has unveiled a new flagship shop in London. The London shop will open on New Bond Street and will be 7,244 square feet in size. Over three floors, the boutique will provide a comprehensive assortment of men's and women's ready-to-wear and accessories.
UK Luxury Goods Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Force Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Type
5.1.1 Clothing and Apparel
5.1.2 Footwear
5.1.3 Bags
5.1.4 Jewelry
5.1.5 Watches
5.1.6 Other Accessories
5.2 By Distibution Channel
5.2.1 Single-brand Stores
5.2.2 Multi-brand Stores
5.2.3 Online Stores
5.2.4 Other Distribution Channels
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 LVMH Mo毛t Hennessy Louis Vuitton
6.3.2 Compagnie Financi猫re Richemont SA
6.3.3 The Estee Lauder Companies Inc.
6.3.4 L'OREAL
6.3.5 KERING
6.3.6 TFG LONDON LIMITED
6.3.7 CHANEL
6.3.8 PVH Corp.
6.3.9 Ralph Lauren Corporation
6.3.10 MAX MARA SRL
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. IMPACT OF COVID-19 ON THE MARKET
9. DISCLAIMER
UK Luxury Goods Industry Segmentation
Luxury goods refer to high-priced personal accessories which are often handcrafted with painstaking detail and discipline, featuring extraordinary craftsmanship, and are built with the highest quality materials. United Kingdom's luxury goods market is segmented by type and distribution channels. By type, the market is segmented into clothing and apparel, footwear, bags, jewelry, watches, and other accessories. By distribution channel, the market is divided into single-brand stores, multi-brand stores, online stores, and other distribution channels. The report offers market size and forecasts in value terms (USD million) for all the above segments.
| By Type | |
| Clothing and Apparel | |
| Footwear | |
| Bags | |
| Jewelry | |
| Watches | |
| Other Accessories |
| By Distibution Channel | |
| Single-brand Stores | |
| Multi-brand Stores | |
| Online Stores | |
| Other Distribution Channels |
UK Luxury Goods Market Research FAQs
What is the current United Kingdom Luxury Goods Market size?
The United Kingdom Luxury Goods Market is projected to register a CAGR of 4.35% during the forecast period (2024-2029)
Who are the key players in United Kingdom Luxury Goods Market?
The Estee Lauder Companies Inc., KERING, LVMH Moet Hennessy Louis Vuitton, Compagnie Financi猫re Richemont S.A. and PVH Corp. are the major companies operating in the United Kingdom Luxury Goods Market.
What years does this United Kingdom Luxury Goods Market cover?
The report covers the United Kingdom Luxury Goods Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the United Kingdom Luxury Goods Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Luxury Goods in UK Industry Report
Statistics for the 2024 Luxury Goods in UK market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Luxury Goods in UK analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
