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 the largest and most important luxury market 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 2021 (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 here, 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).
New York Trade Delegation On Tuesday 23rd October, a delegation of 17 British luxury brands led by Michael Ward, Chairman of Walpole and MD Harrods and Walpole’s CEO, Helen Brocklebank travel to New York for programme of events to build long-term relationships that drive export opportunities by engaging with top business leaders, buyers and media.
The three-day event spans an insights briefing on US media and the luxury landscape, commercial and diplomatic meetings, and an experiential media showcase at The Glass Houses. Glenda Bailey OBE, editor-in-chief of Harper's Bazaar, will be honoured with an Award for Excellence for her work to promote British luxury overseas.
The trade delegation is taking place in partnership with the GREAT Britain campaign and the UK’s Department for International Trade, that promotes UK trade and investment to a global marketplace and supported by New West End Company which represents over 600 business in London's West End and Mayfair.
Helen Brocklebank, CEO, Walpole said: “As the UK looks beyond its borders into its future global trading relationships, it’s particularly important that British luxury, a sector with an export value of over £25 billion, shows how successful high end British brands are at doing business overseas. Not only is US is the single biggest market for British luxury, it also offers a huge growth opportunity for the sector, and the appetite of the US customer for our brands and services grows every year. I’m hugely excited about returning to New York to show the creativity and innovation that typifies luxury in the UK, and to fly the flag for Britain for US visitors thinking of making a trip here.”
Sarah Anderson, Head of Brand Partnerships, GREAT added: “The GREAT Britain campaign celebrates the best of the UK overseas so we are delighted to partner with Walpole to present this outstanding showcase of British luxury to US audiences. We look forward to promoting British craftsmanship, quality and heritage in beautiful settings and with the valuable expertise of the industry’s finest talent.”
Jace Tyrell, CEO, New West End Company commented: “New West End Company, which represents over 600 business in London's West End and Mayfair is delighted to partner with Walpole to showcase this world leading shopping districts, anchored by the famous Bond Street, Oxford Street and Regent Street. We welcome the opportunity to share the unique mix of fashion, fine jewellery, art, craftsmanship and culture that have helped to established Mayfair as one of the world’s most popular and exciting destination.”
