Britain's luxury goods market is expected to grow by 10 per cent this year, according to new research released today.
A survey of leading luxury brands conducted by Ledbury Research, on behalf of industry group Walpole, found that the sector is expected to continue growing at a rate of 10 per cent a year for the next four years, the Times reported.
The industry is currently valued at 6bn and this is expected to rise to 10bn by 2015.
A boards advertising luxury items from handbags to designer shoes appear to be catching the eye of tourists. It's estimated that one pound in every four spent on designer and luxury products in the UK comes from a foreign wallet.
James Lawson, a director at Ledbury Research, said the image of 'British luxury' overseas has not been this strong in 10 years. He said 'shame' associated with buying luxury goods during the recession has now subsided, but while people are once again happy to splash out on luxury items, ostentatious displays of wealth are yet to make a comeback.
