LONDON, October 11, 2018 /PRNewswire/ --
Walpole, the sector body for the British luxury industry which counts 250 of the UK's finest luxury brands amongst its members, has launched its second annual trade mission to New York with a reception hosted by Robert Wood Johnson, the United States Ambassador to the United Kingdom, at Winfield House in London to celebrate British-American luxury trade.
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 UK 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).
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 a programme of events to build long-term relationships that drive export opportunities by engaging with top business leaders, buyers and media.
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.
Joanna Good / Emma Chitty, tel +44-020-7940-2900