Walpole US Trade Mission to New York 2018 | Day Two
Day two of Walpole’s three-day mission to New York included a full day of activity, beginning with a private behind-the-scenes tour of Bergdorf Goodman and meetings with the store’s buyers and merchandisers. This was followed by commercial meetings for the 18 British luxury brands joining us in NYC, while Walpole’s CEO Helen Brocklebank and Chairman Michael Ward gave interviews on the appetite for British luxury in New York to the BBC News and Bloomberg respectively. The day culminated in a Celebrate British Luxury dinner to promote the sector to key opinion formers, financiers and influencers at Manhattan’s legendary Belmond 21 Club, which included a Chapel Down sparkling wine pairing and cocktails from The Glenmorangie Company.
British Luxury in the US
The transatlantic trading relationship for the British luxury sector, whether driven by luxury goods on sale in the United States or American tourists visiting the UK, has never been more valuable. Almost 80% of what the British luxury sector produces is destined to export and as the United Kingdom navigates its departure from the European Union the luxury sector is forging ahead with strengthening its trade and investment ties with its key export markets through its trade delegation to New York.
America is one of the largest and most important luxury markets in the world valued at $85 billion, forecast to reach $103.5 billion by 2021 (Source: Euromonitor, 2016). New York alone accounts for $25.5 billion or almost one third of the total US luxury market size (Bain 2014) and 75% of British luxury brands have identified the US as a priority growth market (Source: Walpole and McKinsey & Co: Key Growth Drivers of British Luxury, 2016).
The USA is also the UK’s most valuable source market for visitor spending in Britain. According to Visit Britain, 3.91 million Americans visited the UK in 2017, an annual increase of 13.16% on the previous year, and spent a total £3.64 billion with an average single transaction spend of £813 (Source: Global Blue). The leisure market leads the reasons to visit the UK and holidays account for 45% of all visits to the UK. When there, American travellers show a strong emotional connection to luxury, with rich history and collectability leading the reasons to buy luxury products (Source: YouGov Affluent Perspective).