The UK is set to overtake France and Italy and become the leading luxury market in Europe by 2018, retail agency Conlumino has forecasted.
The top five luxury markets in 2013 were Italy, France, UK, Germany and Russia, but the UK is set to take the top spot by 2018 with a 19.6% share, the company said.
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According to the firm, the positive economic outlook is seen as the main catalyst for increasing luxury spend, especially from high net worth individuals (HNWIs) who both visit and live in the UK.
The development of luxury shopping destinations in central London, plus iconic department stores such as Harrods and Selfridges and hotels in particular, are attracting more luxury tourists and boosting spend, Conlumino added.
"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," Maureen Hinton, group research director at Conlumino said.
The firm expects the European luxury goods retail market to grow to $149.8bn by 2018, an increase of $38bn between 2013 and 2018.
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By GlobalDataClothing, jewellery, watches, and drinks are the largest luxury categories in consumer expenditure in Europe – accounting for 24%, 18% and 15% shares respectively in 2013.
