UK Consumer Attitudes towards Luxury Market Report 2022

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.

Current Landscape of the UK Luxury Goods 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.

UK Luxury Market Share and Key Industry Trends

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.

• 70% of UK adults describe luxury as ‘premium quality’.
• 22% of consumers have bought a luxury product in the past 12 months from the beauty and personal care category.
• 44% of shoppers have bought luxury goods from a store in the last 12 months.
• 23% of consumers would be interested in buying products made with sustainable methods.

Future Trends in the UK Luxury Goods Market

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.

Quickly Understand

• Factors impacting the UK luxury goods market.
• Luxury consumer typologies.
• How consumers define luxury.
• Purchasing of luxury products and experiences in the last year, and likelihood of purchasing in the next year.
• How consumers purchase luxury goods.
• Consumer attitudes towards the UK luxury market.
• Explores the luxury market share and luxury market size.

Covered in this Report

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.

Expert Analysis from a UK Retail Specialist

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