If you’re in the market for a new Louis Vuitton handbag there’s only one place to shop: London.
The dramatic decline in the value of the pound in the wake of the Brexit vote in June has boosted many tourists’ spending power by up to 17 percent.
And new research shows that the decline in sterling versus the dollar means designer goods are now cheaper in London than anywhere else.
According to the research from Deloitte, which was prepared for the Wall Street Journal, a Speedy 30 handbag from Louis Vuitton cost £645 in London as of 7 October, or $802.
That compared to $850 in Paris and $970 in New York. In China the bag cost $1,115.
Nick Pope, fashion and luxury lead at Deloitte, told the BBC: “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.”