Knight Frank’s annual Wealth Report is out, and in it, the real estate consultant takes a look at luxury spending.
Specifically, they break down which countries are most likely to see increased spending on luxury goods, based on a number of factors, including their luxury store “footprint,” their own wealth growth, and the population of “Ultra High Net Worth Individuals” (worth $US30 million or more) who live in each country.
Out in front this year is the United Kingdom, which scored 9/10 for its luxury store footprint and 8/10 for its premium travel and spending.
“The finding underlines the importance of the UK for luxury brands, which sold over £8 billion of goods in the country last year,” the report said.
China takes the number two spot, scoring a 10/10 for its luxury store footprint. And, according to the report, Chinese consumers are already the top buyers of luxury goods around the world.
Perhaps the most surprising country on the list is India, in fifth place. The number of super-wealthy in India is skyrocketing, and with it, its luxury consumption is also soaring. According to the report, the value of champagne imports there rose 19% last year.
So keep these trends in mind, whether you’re a luxury brand looking to expand, or you’re part of the ultra-wealthy yourself and curious about where to go for your next shopping spree.