State of Luxury London Report 2024 published by Walpole in partnership with Cadogan

This second edition of the State of London Luxury report reaffirms London’s position as a leading global hub for luxury goods, and features a special report on luxury’s evolving relationship with art and culture. The report is published by Walpole, the sector body for the British luxury industry, in partnership with Cadogan.

According to the report, London is now home to a significant number of high-net-worth individuals – making it the wealthiest city in Europe – and driving significant demand for luxury goods, property, and services.

London’s mix of village-like neighbourhoods each with unique character, draws both residents and luxury brands to create multiple distinct shopping, residential and leisure opportunities.

The city also remains one of the world’s top destinations for luxury tourists with its mix of history, cultural vibrancy and unique retail experiences drawing visitors in. In 2023, the UK welcomed 38 million overseas visitors, signalling a recovery to pre-pandemic levels and London’s luxury hotel scene is flourishing to cater to this demand, with 20 new luxury hotels set to open by 2028.

One of the report’s main findings is that Art and Culture is integral to luxury’s evolution – and it’s a growing relationship. 95% of luxury brands now consider their association with art and culture as important to their brand identity. This connection has led to the creation of new departments and the hiring of specialist talent to strengthen ties between the two sectors.

This is driven by a shared customer across art and luxury (both high-net worth and aspirational) particularly in a city like London, where the cultural offer is especially broad.

Luxury brands are increasingly creating immersive cultural experiences alongside their core product or service appeal and while growth in some luxury categories has rebalanced, demand for authentic, cultural experiences, particularly among younger consumer, continues to rise.

Luxury brands are now key players in shaping the cultural landscape, collaborating with artists, creators, and cultural organisations to redefine creative expression. A deep commitment to inspiration and innovation, evident in both their products and services, has cemented their cultural influence.

Helen Brocklebank, CEO, Walpole said: “London’s secret as a global luxury capital is its slick, dynamic blend of creativity, culture and luxury: a unique context appealing to affluent residents, high value visitors, retailers and international investors alike. And whilst short term challenges remain – the loss of tax-free shopping and a global ‘normalisation’ of the post COVID luxury bull market, for instance – the Capital’s luxury fundamentals remain exceptionally strong. If there is one overriding message from State of London Luxury 2024, it’s that the key to success both in today’s tighter market and into the future, lies in luxury’s role as a cultural innovator and in its ability to authentically and cannily engage with the zeitgeist

Hugh Seaborn, CEO, Cadogan added:

“I am delighted that this fascinating report allows us to dig deeper into London’s creativity as its ‘superpower’ and illustrates that the indisputable relationship between art, culture and luxury has gained momentum over recent years as consumers accelerate their interest and spending towards exceptional experiences. It clearly demonstrates the growing importance of physical retail for luxury brands as part of a beautifully curated, compelling environment. I hope these findings inspire us all to continue investing into ensuring London remains an unbeatable global force in arts and culture.”

Read the State of London Luxury 2024 Report

 

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State of Luxury London Report 2024 published by Walpole in partnership with Cadogan

All data shared will be treated confidentially and conform to UK GDPR legislation. For further information on our privacy policy please see HERE