According to a new study conducted by Deloitte, designer products now cost less in the UK compared to anywhere else in the world. Following the Brexit vote earlier this year, the British pound has depreciated more than 17-percent against the dollar. To be more precise, while the Louis Vuitton Speedy 30 handbag is priced at €760 EUR (approximately $850 USD) in Paris and $970 USD in New York, the same product costs only £645 GBP (approximately $802 USD) in London. Another example would be Balenciaga‘s Foulard Fringe Dress, which retails for $400 USD less in Britain than in the US.
Following the British pound’s decline, the UK has attracted a new surge of tourists of over three million since July this year. As Deloitte’s fashion and luxury lead Nick Pope explains:
The trend in luxury pricing in the UK is being driven mainly by the depression on the sterling – thus making the same item more affordable in the UK market than in any other major luxury market. People don’t like paying more for the same product.
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