Luxury retailers are feeling optimistic, with 90% expecting an increase in sales this year, according to new research.
A study by Walpole - the body which represents the British luxury market - and research group Ledbury Research, found that sales of luxury goods in 2009 had been better than expected.
Nearly 90% of respondents said they expected sales to rise this year and a third expected growth of 10% or more.
The research also found that Americans made up the most important nationality for luxury goods shopping. It cited affluent Middle Eastern visitors, who are currently spending in London ahead of Ramadan, as “critical” for luxury retailers.
Guy Salter, deputy chairman of Walpole, said the luxury industry is lagging behind in ecommerce.
“The luxury industry as a whole has been behind the curve in terms of ecommerce, compared to the high street. We have still got quite a lot of catching up to do.”