British luxury sector now worth £48 billion – report

According to a report released by Walpole, the luxury trade body, the UK luxury industries now contribute £48 billion a year to the British economy. They include designer clothing and footwear, fine wines and spirits, luxury accessories, luxury jewellery and timepieces, high-end beauty and high-end car manufacturing.And there are signs the sector will continue to grow rapidly to an estimated £65 billion by 2024 if the UK and the European Union secure an agreement on their future trading relationship.

That is because the sector is increasingly export-focused, with 80% of production destined for overseas markets such as the European Union, North America and China. This is up 54% since 2013.International shoppers are also accounting for a significant proportion of luxury sales made in the UK, with £4.5 billion spent by non-UK residents on high-end goods in 2017คำพูดจาก สล็อตเว็บตรง. China, all Arab states excluding Iraq and the US are the top three purchasing nations.Helen Brocklebank, CEO of Walpole, commented: “These figures demonstrate the exceptional contribution British luxury makes to the UK economy and to the reputation of Brand Britain worldwide.“Few other business sectors can demonstrate growth of nearly 50% in just four years and, against a challenging political backdrop, this is a sector that continues to demonstrate a commitment to investing in UK manufacturing and creating sustainable employment across the country.”According to the figures, leaving the European Union without a deal would cost British luxury businesses £6.8 billion in lost export revenues.“Now is the time for policy makers to provide distinct sector recognition and to guarantee a suitable framework to protect the growth of the UK’s high-end creative and cultural industries,” the Walpole CEO continued.Michael Ward, chairman of Walpole and managing director of Harrods, said: “Britain’s luxury brands are our calling card to the world. We should be enormously proud of these businesses: their heritage, creativity, craftsmanship, quality, innovation – and the contribution they make economically, culturally and to soft power diplomacy. It is critically important that this thriving sector is promoted and protected to ensure its long-term growth.”

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