Sales of luxury goods in London have soared as a result of the Olympics “bounce”, with the UK market set to crash through the £9 billion barrier for the first time this year.
Analysts say the trend is being driven by “high net worth individuals” from China and Russia.
Booming sales of Ferraris and Lamborghinis in London have driven a 38 per cent surge in half-year revenues to £129 million at car retailer HR Owen.
The company opened the world’s first atelier for Ferrari buyers at The Berkeley Hotel in Knightsbridge last year, allowing buyers to personalise their cars.
Your say: Spirited spending
Shoppers in Oxford Street said sales were booming because they had “no reservations about treating themselves”.
Tsanna Latouche, 22, model from Highgate: “I have been buying lots. The last thing I bought was the leather jacket I’m wearing which was £165. It’s not bad to treat yourself once in a while but I always buy things that are going to last.”
Harriet Shaw, 19, student from Exeter: “I think people are in high spirits, especially because of the Olympics. I have just splurged £500 on a holiday to Spain. I have to watch what I spend, but I’m not really holding back, I suppose.”
Christopher Bell, 32, retail designer from Colchester: “I have noticed that there are more sales around and I have splashed out a little. I buy what I need. I work near Oxford Street so I should be someone who buys more, but I don’t.”
Julianne Clements, 46, marketing manager from Newcastle: “I tend to treat myself all the time. I think the Olympics and the Queen’s Jubilee has had a big influence on people. It puts you in a good mood and you feel like spending.”
Sarah Black, 24, teacher from Clapham: “I have just had a lot of holiday over the summer, so I suppose it’s natural that I have bought more as I have more time. Yesterday I bought a new lamp but it was a real bargain.”
