Member Article

Luxury market could be worth £12.2bn by 2017

The UK luxury retail sector could double its size to £12.2bn by 2017, analysis from wealth insight firm, Ledbury Research and Walpole.

Data was collected on clothing, accessories, travel, hospitality and jewellery sectors and corroborated with surveys of senior managers and executives.

Over 80% of labels surveyed forecasted an increase in sales for 2013, and showed Chinese visitors were the fastest-growing group of shoppers.

London continued to be the prime retail destination for luxury labels, although the South East and North West ranked next for brand presence.

James Lawson, director of Ledbury Research, said: “Behind some buoyant numbers, this year’s results reveal the key theme of innovation for the British luxury market.

“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.”

Mark Haviland, managing director of Rakuten Marketing, said: “It’s absolutely right that digital innovation is a priority for luxury brands. Customers no longer only associate shopping online with bargains and as a result digital now opens many doors for high-end retailers, allowing them to create an exclusive shopping experience for their online audience across the web, social, mobile and tablet.

“An array of style blogs and pioneering digital publishers can provide luxury retailers with the e-commerce tools to target hyper connected consumers, whilst echoing their own quality brand values at the same time. Through sophisticated features, such as dynamic ads with 360 degree products views and interactive video, digital can truly drive the growth of luxury.”

This was posted in Bdaily's Members' News section by Tom Keighley .