At a time when the question of British identity is seldom out of the headlines, Britain’s luxury brands continue to forge ahead with almost 80% of British luxury products destined for export.
Britain produces some of the world’s most creative and inspiring luxury brands and it’s luxury goods industry is the second largest in Europe and sixth globally. Growth in the industry has been induced by the recent fall in the pound which saw some of the big names in UK luxury market like Burberry, Ted Baker, Harrods, etc. report a surge in sales. This spontaneous increase is a result of greater number of tourists visiting the UK as it became the most affordable luxury market. The effect of globalisation can be felt in the industry as it gives shoppers access to markets outside their home country of which the UK luxury goods market is benefiting, especially from Chinese shoppers.