The latest findings from the British trade association showcase the wide-ranging negative impacts of the nation's withdrawal from the European Union on the high-end sector.
The high-end sector in the United Kingdom is trending down due to government actions, according to the latest findings from British luxury trade association Walpole . In the organization’s latest report, it details contractions the luxury segment is experiencing after Brexit was enacted in January 2020.
The overall industry has struggled, with exports of prestige goods said to be 43 percent lower than if the withdrawal had not taken place. "The British luxury sector has incredible growth potential, with a projection to reach 125 billion by 2028,” said Helen Brocklebank, CEO of Walpole, in a statement. "However, to achieve this ambition, we cannot afford to have one arm tied behind our backs,” Ms. Brocklebank said. “Strong links and favorable trading with Europe remain essential to reaching this forecast, alongside our success in other global markets, and key to supporting craft-led and high value manufacturing in the U.K."report, published in partnership with financial analysis firm Frontier Economics, utilizes United Nations Comtrade data from 2012 to 2022 – the latest year released as of May 2025 – and outside research from organizations such as Bain & Company.While the rest of the world has seen rising rates of luxury exports since 2019, the U.K. has witnessed the opposite phenomenon; the timing coincides with Brexit’s original European Union withdrawal date in March 2019, prior to a delay by British parliament. As of 2022, the nation has seen a 49 percent drop-off in the overall amount of luxury goods exported to the EU compared to 2019. Meanwhile, the majority of industry sectors have rebounded in their exports to the rest of the world, only down by 11 percent.Among sub-sections of the luxury industry, the apparel and accessories segment has taken the biggest hit post-Brexit, with exports to the EU declining by 64 percent. The home goods market has seen its European exports cut in half between 2019 and 2022. The watch and jewelry division has seen its exports fall by 43 percent, while the wine and spirits segment fared the best, decreasing by 23 percent. Non-tariff trade measures are cited as the reason behind the downturn, with border administrative requirements, paperwork and extra points of import compliance processes and other barriers, such as the end of the U.K.’s tax-free shopping scheme, contributing to the decreased activity, as none of these practices were in place prior to Brexit. The automotive scene could see major challenges as well, with EVs potentially being hit by tariffs. Image credit: Aston Martin As of last summer, the luxury sector accounted for nearly 4 percent of the U.K.’s GDP, with high-end automotive being the most valuable segment to the country among prestige operators , are seeing their respective sales dip due to a combination of factors, including global inflation, recession fears, incurred export fees and domestic affluent population decline. Walpole's experts state that the U.K. needs both EU and non-EU trade to be financially successful. Image credit: Walpole According to recent findings from London-based investment migration consultancy Henley & Partners, Brexit has led to a mass migration of more than 16,500 British millionaires to other locales across Europe and Asia . By the end of 2024, the once mighty economic powerhouse of London had fallen outside the top five wealthiest cities in the world for the first time ever ( 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","iv":"b6cfea22426f3fa7923c6961eb56afff","s":"c29848ed71c21986"}HNWIs 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