The British luxury sector has seen significant growth in recent years, with a 69% increase in its contribution to the economy between 2017 and 2022. The growth has been primarily driven by the automotive industry, as well as by sales of food and fashion. The report by industry lobby Walpole highlights the strong performance of the British luxury market, which is now worth 81 billion pounds annually.
Despite challenges such as Brexit, the government's decision not to restore tax-free shopping, and supply chain issues following the COVID-19 pandemic, the British luxury sector has thrived. The automotive industry, in particular, has played a key role in driving this growth, with British car brands seeing increased sales both domestically and internationally.
Walpole is calling for more support from the government and stronger intellectual property protections to further boost the British luxury sector. The report emphasizes the importance of the luxury market to the UK economy and underscores the need for continued industry innovation and adaptation to maintain its success.
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