London - Although London remains one of the world’s most expensive cities in the world to visit - for those after a luxury handbag it may just be the city to be.
Especially if you happen to be after French luxury label Louis Vuitton iconic and best selling bag, the classic Speedy Bandoulière, as the city has been named the cheapest place in the world to buy one, according to the Wall Street Journal. This news should come as little surprise however. Following the national referendum in June, which saw the majority of the UK vote in favour of exiting the European Union, the value of the sterling has been volatile, dropping more than 17 per cent against the dollar since the vote.
Britain was previously named the world’s cheapest luxury market, as research from Deloitte states that luxury items as well as designer goods now cost less in Britain in terms of the dollar than anywhere else in the world. According to previous research from FashionUnited, a Speedy 30 Bandoulière from Louis Vuitton retailed in China for 9,350 yuan, or 1,390 dollars (790 pounds) as of last November.
However, new research from Deloitte shows that the Speedy 30 now retails for 7,450 yuan, or 1,115 dollars (1,139 pounds) in China as of October 7. Across the ocean in London the same bag retails now for as little as 645 pounds, (787 dollars) in comparison to selling for 760 euros (850 dollars) in Paris and 970 dollars (878 euros) in New York. Such low prices have served as a strong pull for overseas tourists, who account for over half of the UK’s luxury market. "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," said Nick Pope, fashion and luxury lead at Deloitte to the BBC.
"People don't like paying more for the same product."