Walpole: Why did DBT want to be involved with the Walpole US Luxury Trade Mission?
Rupert Daniels: We are delighted to be supporting the Walpole US Luxury Trade Mission again. This is the first mission back after the pandemic, so it is important that we support brands in their recovery. The US is the world's biggest luxury market and New York is the largest market within the US, so the opportunity is huge. It is important that we establish our presence back in the market and let them know the Brits are back!
What is the importance of the American market to British companies?
Of course, the US is a very attractive market because of its size and spending power, but it is a whole lot more than that. The US is a diverse market, it is made up of 50 different states with a diverse consumer base of different communities and cultures. It is also an extremely influential market, not only because of its size, but also because of its status and its international celebrity culture. Styles and trends in Hollywood and New York reverberate throughout the world.
What are the key qualities of British luxury goods that you think resonate with American customers?
I think it's all about 'Brand Britain'. Consumers want their brands to tell a story and I don’t think that anyone does that like British luxury brands. British luxury is synonymous with craftmanship and heritage, and this resonates with consumers globally – but I think this resonated especially in the US where consumers value the history behind products. British Brands are uniquely able to blend that tradition and heritage that the US consumer desires with modern innovation and sustainability to bring them to the forefront of global luxury.
Are there any regions or states in the US that are of growing importance to British luxury brands?
New York is still the heavyweight of the US luxury market, accounting for one third. I think it will remain the capital for luxury for the foreseeable future, but I think that we are seeing a shift to some other cities such as Miami and Austin. Many Americans moved during the pandemic: New Yorkers relocated to places like Florida, and Miami’s luxury property market was one of the world’s top performers in 2021. I think this is a great indicator of future luxury trends.
What British luxury goods categories and/or services are trending amongst American consumers right now?
I think it is impossible to ignore the rise in demand for luxury experiences and hospitality that the pandemic has caused. People feel as though they have lost time and want to make up for that in experiences. Saying that, there is demand for all British luxury in the US. That’s what makes this mission so important.
What’s your key advice for a British luxury brand looking to break into the American market?
Get in touch with DBT! We are the Government's best kept secret. My team would be more than happy to help and we can connect you with an international trade advisor who can work with you on your entry strategy.
Also research. The US market is vast and diverse, you need to make sure of the story you want your brand to tell in the US and which consumer that is going to target.
