The final installment of our US focus, the week has revealed that North America is a crucial market for the British luxury sector with a value of $85 billion, while New York City alone accounts for almost a third of the total US market luxury size. Whether driven by British luxury goods on sale in the United States or American tourists visiting the UK, the opportunity for growth in Anglo-American luxury trade has never been more visible or valuable.
75% of the UK luxury sector identified the US as a priority growth market for the next five years despite slower growth.
The American market is still the largest market for luxury worldwide valued at $85 billion. A further $18.5 billion of growth in the US luxury market is forecast by 2021, representing 52% overall market expansion in just 10 years if reached. New York alone accounts for $25.5 billion or almost one third of the total US luxury market size.
US visitors to the UK spent a total of £3.4 billion in 2016 (up 14% on 2014). They spent an average of £971 per visit, which is above the all-market average of £599. The US is the UK’s top inbound tourism market by value; almost 3.5 million Americans visited the UK in 2016, an increase of 16% compared to 2014
US visitor spending in the first half of 2017 UK hit a record £1.8 billion (up 28% on the same period last year) with visitor numbers also showing strong growth up 31% to 1.9 million. The leisure market leads the reasons to visit - holidays account for 45% of all visits to the UK from the USA, 25% to see friends and/or relatives and 20% for business purposes.
For an insight into 2017's US Trade Delegation, please see below our concluding short films from the likes of Ormonde Jayne, Royal Mint, Rapport, and Thomas Pink.
“It was a great honour to be part of the Walpole British Luxury Showcase. Every aspect from start to finish was very well organised. The insights sessions was inspiring and so useful. Everyone worked so hard and I can now say, Ormonde Jayne has her foot safely in the US market door”.
Linda Pilkington, Founder, Ormonde Jayne
