Luxury sector set to double to £12.2 billion from 2013 to 2017.

Luxury brands will do “extremely well” in next five years

Sales of high-end and luxury branded products will perform "extremely well" in the next five years, claims a law expert.

The British luxury goods sector is set to double in size over the next five years to £12.2bn in 2017, reports City AM.

A study released yesterday by luxury body Walpole and research company Ledbury predicts the industry will see double digit growth each year up to 2017.

Ed Craig, Head of Retail and Leisure at Charles Russell LLP, said: "Even in the bleakest of economic climates there are pockets of people around the globe who remain extremely wealthy. We often imagine these ultra high net worth individuals as the consumers of luxury brands. We of course wouldn’t be wrong, but this would overlook the increasing band of middle income consumers who are seemingly obsessed with luxury brands.

"Britain is well placed to take advantage of the increasing demand for luxury brands. We have so many brands that offer the heritage and craftsmanship that many increasingly discerning consumers crave.

"A significant contributor to the growth of the luxury sector remains from overseas markets where Bond Street is a huge magnet for the overseas luxury shopper. Many brands are re organising their offering to take advantage of this both in how their flagship stores are configured and how they interact with their customers.

"With the emergence of new wealth in fast growing economies, the British luxury sector looks set to do extremely well in the next five years."

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