Walpole publishes second State of London Luxury Report 2024

Walpole, the sector body for the British luxury industry, has partnered with Cadogan to publish the second edition of the State of London Luxury report. The report, which was launched today at the Saatchi Gallery, reaffirms London’s position as a leading global hub for luxury goods and, new for this year features a special report on luxury’s evolving relationship with art and culture. The report was published as part of Walpole’s Culture month celebrating the world-leading institutions and vibrant cultural landscape in London.

A city defined by affluent residents

According to the report, London is now home to over 227,000 high-net-worth individuals (HNWI) –
making it the wealthiest city in Europe – and driving significant demand for luxury goods, property,
and services. Notably, the wealth within this customer group is projected to grow faster in London
than in key European markets or the US.

Reflecting this growing affluence, sales of high-end properties in London priced at £15 million and
above have surged by 25% between 2023 to 2024 and luxury apartment sales, particularly in branded
residences, have increased by 137% during the same period. Two-thirds of UK high-net-worth
individuals expect an increase in disposable income in 2024, with more than 80% planning to maintain
or increase their luxury spending1. Walpole’s London Luxury Survey further underscores the
importance of affluent locals, with 78% of luxury retailers in London now ranking wealthy residents a
top three success factor for their stores – a significant increase from 61% in the previous year.
London’s mix of village-like neighbourhoods each with unique character, draws both residents and
luxury brands to create multiple distinct shopping, residential and leisure opportunities. Strategic
investment in infrastructure, such as the extension of the Northern Line and the opening of the
Elizabeth Line, have enhanced connectivity and boosted new luxury developments like Battersea
Power Station and King’s Cross and created the scope for more.

Read the full report here:

Knowledge & Insight | Introducing The State of London Luxury 2024 report (thewalpole.co.uk)