Back on June 23rd, UK citizens voted to formally withdraw from the European Union. Global equities and currency markets swung wildly with uncertainty over how the situation would play out, and though they’ve stabilized a bit, what we first wrote about in the days following Brexit has been confirmed by one of the best luxury experts in the game: the UK is absolutely the best country on the planet to buy luxury goods right now.
We predicted that the weakest pound in decades would lead savvy shoppers to take advantage of the price disparities between the UK and their home countries and this is exactly what’s happening. Speaking to Business of Fashion, analyst Luca Scola of Exane BNP Paribas confirmed that the UK is indeed the cheapest country for Americans, Asians and even Europeans to buy luxury goods and that this savings will likely extend for a few months. No major price adjustments have occurred at any of the major brands like Chanel and Hermes (we’ll keep our eyes peeled) and British companies like Burberry are starting to see a pickup in traffic. The luxury industry is particularly poised to benefit from an increase in tourism as, according to Solca’s team, travelers account for 50% of global luxury sales.
Have you snagged any great deals or do you have any trips to the UK planned? Tell us about it on BopTalk.
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Updated: May 27th, 2017