London’s luxury goods market booming

London is home to some world-renowned shopping districts, from Knightsbridge, where the famous Harrods department store can be found, to the designer boutiques on Bond Street.

Guests staying in 5 star hotels in London will therefore find plenty of opportunities to indulge in some retail therapy, more so now that tourist spending is expected to boost the luxury goods market by more than 50 per cent in the next four years.

Ledbury Research and the retail industry body Walpole have predicted that spending on luxury goods in the UK will rise by ten per cent to £6.5 billion this year. By 2015, the market will have grown to £9.4 billion, they claim.

Tourist spending is likely to be responsible for much of the increase, as visitors from around the UK, and from countries such as America and China, flock to the nation’s best luxury shopping areas to treat themselves.

And where better to shop than in the UK capital, where some of the country’s best designer shops and brands can be found.

In central London, just a stone’s throw from The Montcalm hotel, visitors will find stores such as Liberty London, which sells a wide variety of designer clothing, gifts, homewares and beauty products.

Book a luxury shopping experience package at The Montcalm and you’ll be given a £50 shopping voucher to spend at the Regent Street store.

Also on Regent Street, shoppers will find the likes of Burberry, Lacoste and Reiss, which was given the royal seal of approval by the Duchess of Cambridge when she wore one of the brand’s dresses to a meeting with the US president.

Guy Salter, deputy chairman and founder of Walpole’s thought leadership unit, which commissioned the report, said the luxury goods sector is the UK’s unknown growth industry, and something the country is globally competitive at.

“It is also a timely reminder of the soft power benefits of luxury brands in attracting visitors and flying the flag with affluent consumers around the world,” he remarked.

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