Optimism is fueling the expectations that the luxury market in the UK will double over the next five years, according to the 2013 UK Luxury Benchmark study, the Business of Fashion reports.
Research groups, Walpole and Ledbury Research, collectively compiled the data for the market research report, gathering information from senior management and execs from various sectors of the luxury industry. Top-level insiders from apparel to jewelry to hospitality and to travel were polled.
Indeed, growing digital capability is the highest priority for brands this year, including investing in e-commerce platforms, social media and, increasingly, mobile commerce. However, nearly all the brands surveyed (98 percent) believe that engaging the ‘next generation’ of shoppers will pose a challenge.