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THE POWER OF BRITISH LUXURY: INSIGHTS FROM WALPOLE’S LANDMARK STUDY, 'LUXURY IN THE MAKING'

At Accouter, we are committed to excellence, creativity, and the pursuit of luxury living. As a members of Walpole, our ethos aligns seamlessly with the findings of their groundbreaking study, "Luxury in the Making", which underscores the monumental impact of British luxury on the UK economy.

This comprehensive report, crafted in association with Frontier Economics, illuminates not only the economic prowess of the luxury sector but also its resilience and capacity to foster high-quality employment across the nation.

 
 
 

AN ECONOMIC POWERHOUSE

Walpole’s report reveals an astonishing £81bn annual contribution from the British luxury sector to the UK economy, reflecting a robust growth of 69% over the past five years. This sector, contributing 3.7% to the UK’s GDP, supports over 450,000 jobs spanning various roles from design and digital innovation to high-tech manufacturing and heritage crafts. Despite the challenging macro environment, including Brexit, the Covid-19 pandemic, supply chain disruptions, and escalating energy costs, the sector has not only persevered but flourished.

VITAL STATISTICS

The Luxury in the Making report provides compelling statistics that highlight the sector's substantial contributions:

  • £81bn in annual revenue,

  • 454,000 jobs supported,

  • £25.5bn in tax receipts for the Exchequer

  • £56bn in exports, marking a 45% increase over five years.

 
 
 

These figures are not just numbers but indicators of the vibrant and dynamic nature of British luxury, propelling the economy forward and cementing the UK's status as a global leader in luxury.

 
 
 
 
 

A CALL FOR POLICY REFORM

While the report celebrates these achievements, it also highlights the necessity for policy reforms to sustain this growth. The call for changes in the UK’s Geographical Indicator (GI) regime to include non-produce-based craft products is particularly noteworthy. Protecting heritage crafts such as Savile Row tailoring and Staffordshire pottery is crucial for preserving the unique cultural heritage and the skills that define British luxury.

Furthermore, the report underscores the need for a supportive tax and regulatory system to foster high-quality employment. The reintroduction of VAT-free shopping for international visitors, reforms to the apprenticeship levy, and greater investment in modern foreign language education are vital steps towards ensuring the continued prosperity of the sector.

 
 
 
 
 

A VISION FOR THE FUTURE

Looking ahead, Walpole forecasts that by 2028, British luxury could contribute an astounding £125bn annually to the economy, surpassing the revenue generated by the life sciences and construction industries. This projection is a testament to the sector’s potential to drive economic growth, create rewarding employment opportunities, and uphold the UK’s reputation for excellence and innovation.

Following the boom of the luxury industry, our esteemed design studio of stand privileged to have contributed our expertise to a constellation of super-prime projects spanning not only London, but the globe. Our London, New York and Dubai studios are continuously working hard to ensure our projects exceed our valued clients expectations, as well as the industries.

 
 
 
 
 

As an international award-winning luxury interior design firm, Accouter shares in the vision outlined by Walpole. We believe in the power of luxury to not only enhance lives, but to also drive economic and cultural prosperity. The insights from "Luxury in the Making" reinforce our commitment to excellence, sustainability, and the celebration of British heritage crafts. Together, we can continue to shape unique worlds that reflect the pinnacle of luxury living, exceeding expectations and capturing the essence of our clients' visions.

To delve deeper into the transformative impact of British luxury, we invite you to read Walpole’s full report, "Luxury in the Making", and join us in celebrating the remarkable achievements and future potential of this dynamic sector.

 
 
 
 
 
 

By embracing the findings of this landmark study, we reaffirm our dedication to pushing the boundaries of luxury interior design, ensuring that every project we undertake not only embodies sophistication and elegance but also contributes to the flourishing tapestry of British luxury.

To stay up to date with our luxury interior projects, make sure to follow our LinkedIn and Instagram.