The State of London Luxury 2025 Report, published by Walpole in partnership with Cadogan
Showcasing London’s enduring allure amid global change, the State of London Luxury 2025 reaffirms the capital’s unrivalled position at the pinnacle of the world’s luxury stage
Walpole, in partnership with Cadogan, has released the third edition of The State of London Luxury, a definitive study that reaffirms London’s role as Europe’s most powerful luxury market and one of the world’s leading cultural and commercial capitals.
Despite global turbulence — from shifting geopolitics to evolving consumer sentiment — the report depicts a city that continues to thrive through resilience, creativity and magnetism. Anchored by an unrivalled concentration of wealth, London remains a haven for the world’s most affluent, while its flourishing dining, retail, cultural and hospitality scenes reinforce its unique allure.
Helen Brocklebank, CEO of Walpole, comments: “London has more centi-millionaires than any city in Europe, but its enduring strength lies in its ability to combine world-class experiences with compelling storytelling and a spirit of collective ambition. The prize is there for the taking if we continue to invest with confidence and panache.”
Tourism remains a cornerstone of this ecosystem, with international arrivals rising 9% in 2024 and high-end visitors spending 14 times more than the average tourist. From Michelin-starred gastronomy to world-renowned culture and iconic retail, the capital offers a layered luxury experience unmatched anywhere else.
Yet challenges persist, notably the absence of tax-free shopping, which continues to place the UK at a disadvantage against European competitors. Hugh Seaborn, CEO of Cadogan, emphasises: “Our strength lies in creating beautiful, characterful destinations that provide a stage for businesses to thrive. To ensure London’s luxury scene continues to enchant both locals and international visitors, we must keep investing in this vibrant ecosystem — and keep campaigning to restore tax-free shopping so the city can compete on a level playing field globally.”
Ultimately, the report concludes with confidence: London’s crown as a global luxury capital is not only secure, but shines ever brighter, with the promise of continued growth, creativity and cultural influence ensuring the city’s place at the very forefront of the international luxury stage.
Read the full report here