The concept of luxury goods goes back millennia, to Roman times, but historically there was always some hesitancy as it was seen as excessive or disruptive. In fact, the word “luxury” comes from the French word for lust. Today, the luxury label is applied to goods like fashion, handbags, cosmetics, accessories, and fragrances. While in the past, luxury goods were a way to demonstrate wealth, luxury goods today are a way for consumers to appreciate history and artistry, while giving them a sense of accomplishment and heightened self-esteem. Ranked by yearly revenue, the U.S. luxury goods industry lead the global market, generating around 65 billion U.S. dollars in 2020.
UK luxury market overview
In the United Kingdom, most luxury goods sold are in the form of fashion, cosmetics, fragrances, leather, eyewear, and accessories like jewelery and watches. The leading category in luxury sales is fashion, which generated 5.21 billion Euros alone in 2019. In the UK, some of the leading luxury brands by revenue include Chanel, Burberry, and Ted Baker. Between 2021 and 2025, luxury goods are forecasted to see positive revenue growth, with luxury fashion having the largest increase.
Luxury retail the UK
Some of the biggest British luxury brands include Burberry, Mulberry, Jimmy Choo, and Ted Baker. Due to the coronavirus pandemic, the sales revenue of these brands decreased significantly in 2020. Between 2019 to 2021, Burberry’s revenue decreased by about 400 million British pounds, Jimmy Choo's revenue by 200 million, and Ted Baker's revenue by 200 million. The most popular luxury brands in the UK as of December 2020 is a trio led by Rolex, Calvin Klein, and Harrods.
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