Walpole, the trade body for the British luxury sector, recently revealed new figures that showed that sales from the UK luxury industries grew by 49 per cent between 2013 and 2017. The report suggests that the British luxury sector will continue to grow rapidly in the medium term and forecasts the value of sales for 2024 to reach around £65 billion.
British luxury is now worth £48 billion to the British economy, Walpole, which has over 250 of the finest British luxury brands as its members, said in a press release.
The report was analysed by international consultancy firm Frontier Economics.
The new benchmark created by the Walpole report points to a sector that is heavily export-orientated with 80 per cent of production, or £38.5 billion in value terms, destined for overseas markets—up 54 per cent since 2013. The top export markets for British luxury goods are the EU, North America and China.
Direct and indirect employment in the British luxury sector grew 38 per cent to 156,000 from 113,000 and accounts for nearly 6 per cent of all jobs created in the United Kingdom during 2013-2017.
Overall, the British luxury sector is growing 9.6 per cent per year on an average, attributable mainly to a strong performance in the luxury car sector, outpacing UK average annual economic growth of 4 per cent. (DS)
Source:Fibre2Fashion News Desk – India