The UK Consumer Attitudes Towards Luxury Market Report identifies luxury consumer typologies, purchasing drivers for luxury goods and the impact of the cost of living on the UK luxury market. This report covers the UK luxury market size, market forecast, market segmentation and trends in the UK luxury market.
The cost-of-living crisis means it will be necessary for many consumers to cut back spending and will make big-ticket luxury purchases less attainable for the average consumer. However, pent-up demand for novel experiences after the pandemic and a renewed appreciation for experiences over material things will help drive the experiential UK luxury market.
Meanwhile, supply chain disruptions and high production costs have been exacerbated by the conflict in Ukraine, making for difficult operational circumstances for the UK luxury goods market.
Younger consumers are the most likely to be active buyers in the UK luxury market in the coming year. However, lower earnings among this group mean this will typically be for more attainable versions of luxury, such as in beauty and personal care. Younger consumers’ typical lack of significant wealth will still be a barrier to purchase for ultra-expensive luxury goods, which will be exacerbated by rising costs and budget pressures.
Many major brands in the UK luxury market have made progress in improving their impact on the environment in recent years through investment in more sustainable materials and methods of manufacturing.
However, just 9% of consumers associate luxury with being sustainable, highlighting a significant opportunity for the UK luxury goods market to communicate sustainability initiatives more clearly and use eco credentials to stand out from competitors.
To discover more about the UK Consumers Attitudes Luxury Market Report 2022, read our UK Designer Fashion Market Report 2021, or take a look at our extensive Financial Services Market Research.
Brands: John Lewis, Selfridges, Depop, Brand Alley, YSL, TK Maxx, Harrods, Klarna, Louis Vuittom, Gucci, Burberry, Oxfam, Dior, Alto, Vestiaire Collection, Moet Hennessy, Lancôme, White Desert, Stella McCartney, Aston Martin, ASOS.
This report, written by Francesca Smith, a leading analyst in the Retail sector, delivers in-depth commentary and analysis to highlight current trends in the UK luxury market and add expert context to the numbers.
While luxury purchases may seem like the obvious first choice to be cut from consumer spending, research from previous economic downturns, such as the 2008-09 recession, has shown that the UK luxury market tends to hold up well. This is largely due to consumers’ desire to continue to treat themselves, particularly through smaller luxury purchases, even when budgets are tightened. This time round, there is the added factor of the pent-up demand for new experiences and the desire to make up for lost fun over the pandemic, which will drive interest, particularly, in the experiential UK luxury market.”
Francesca Smith
Research Analyst
Mintel is the world’s leading market intelligence agency. We show you how consumers think today and tomorrow. As a trusted partner to industry leaders, we deliver game-changing insights to businesses across the globe, fuelling their marketing and innovation strategies that will shape the future.
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