Big Ben in London

Britain as the World’s Cheapest Luxury Market

We all would want to stock up on our favorite luxury brands, perhaps even own every single thing on their shelves. However, these wonderful pieces are usually called “luxury pieces” for a reason – they’re not very affordable! Yet with the beautiful fabrics, sophisticated designs, and gorgeous silhouettes, we just can’t stay away! We would gladly save up for our next luxury piece any given day.

Yet today bargain hunters of luxury goods can rejoice because we have new hunting grounds – and we’re not talking about the flea market.

We can find out next great steal in the Great Britain!

It turns out that Brexit has far and wide reaches – the pound is at its lowest mark in three decades, investors have backed out of the country, there is uncertainty as to what this actual means for the UK. For the fashion industry however, Brexit has temporarily created a wonder for those who want to purchase luxury goods. With the significant difference between the pound and the euro, a surprising effect was immediately noticeable: it made Britain the world’s cheapest luxury market – and we’re talking about brand new items!

To put things into perspective, luxury goods in Europe are already among the cheapest, particularly when compared to the United States and Asia. Asia is the forerunner when it comes to the most expensive market for luxury goods, while the United States is typically more expensive than the European Market. Yet what with the terror strikes in Paris and the weak pound, Britain is becoming an attractive destination for tourists and foreigners. The weak pound is also a contributing factor to the decision of most tourists who want to stock up on luxury goods.

Weak Pound

Brands such as Jimmy Choo, Burberry, and Mulberry are therefore being sold for a price that is cheaper than their usual market value, and are usually significantly cheaper than their Asian counterparts. With these brands having many stores in the UK, then they would be benefiting the most from the weak pound and euro. This in turn translates to more consumer spending in the country, and the tourist spending inflows can even propel the economy.

That being said, this isn’t to say that all luxury brands are going to be more affordable in the UK, however. Brands such as Prada’s Church and Stella McCartney would still remain to be as coveted as they are. The good news though is that there are no rumors that these luxury brands would be raising their prices in the upcoming months to capitalize on the demand, but the number of tourists frequenting the country is still expected to be on the rise. This translates to more luxury goods for everyone.

So if you’re looking for more affordable luxury goods and are on the hunt for the next great item, then head over to the UK, where you may be able to afford more luxury items! Who knows? Maybe in a single trip, you’ll be able to purchase a luxury coat, a bag, and even a pair of shoes or two – the sky’s the limit – or as you can afford it.

 

img c/o pixabay