BRITAIN’S luxury goods industry is expected to grow by 60 per cent to £51bn over the next four years, new research shows, defying fears of a slowdown among big Chinese spenders and other emerging markets.
The sector contributed £32.2bn in sales in 2013, valuing the sector at 2.2 per cent of the UK’s GDP, according to a report out yesterday by Frontier Economics and commissioned by Walpole, which represents over 170 high-end brands including Burberry and luxury car maker Rolls-Royce.
The bullish study suggests that the sector will continue to grow rapidly to reach around £51.1bn by 2019, with the number of employees set to grow to 158,000 from 113,000 in 2013.
Around 78 per cent of luxury goods produced in the UK (£25bn) – including everything from cars to fashion and jewellery – are destined for overseas markets, with exports growing by 12.1 per cent in 2013, the report said. The sector now accounts for 4.3 per cent of UK merchandise exports.