Britain Is Now the Cheapest Luxury Market in the World

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Following Britain’s shocking withdrawal from the European Union (EU), the British pound quickly crashed to a shockingly low point – its lowest in three decades to be exact.

The recent historical shakeup, known very simply as Brexit, also saw British Prime Minister David Cameron resigning, explaining that he doesn’t consider himself the right “captain to take the country to its next destination."

But the plunging pound also saw foreigners flocking to the UK as the country’s goods and services followed suit, growing significantly cheaper for the tourists.

According to Exane BNP Paribas head of luxury goods Luca Solca’s new research, the phenomenon appears to be helping in the sustenance of British luxury labels, for now, as Britain quickly became the world’s cheapest luxury market.

“A weak British pound will boost travel inflows to the UK, helping British luxury goods players like Burberry, Mulberry and Jimmy Choo," Solca said to the Business of Fashion.

Though there are no expectations that luxury labels will raise prices in the UK in the next few months, Britain expects to see a healthy tourist influx and spending amidst a weakened currency. 

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