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| | | | 03/09/2015 | Drapers, Luke Todd - Luxury sector will be worth £51bn by 2019 | | | | | UK luxury sector to grow in value by 60% by 2019 | | | | | Drapers reports that the UK luxury sector, including designer apparel and footwear, is expected to be worth more than £51bn by 2019, the latest figures have revealed.
The sector contributed £32.2bn to the economy in 2013, 2.2% of GDP, according to a study by international consultancy Frontier Economics for Walpole, the industry alliance whose members including Burberry, Alexander McQueen and Harrods, and law firm Charles Russell Speechlys.
Luxury businesses are set to employ 158,000 people within the next four years, up from 113,000 in 2013, and grow in value by 60%. This is despite fears of a slowdown among big Chinese spenders and the devaluation of the yuan in August.
British luxury products are largely export-oriented, with 78% of production, in value terms, intended for overseas markets.
Year-on-year export growth in 2013 was around 12.1% and accounted for around 4.3% of total UK merchandise exports. |
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