Growth in the manufacture of luggage, handbags and saddlery is a sure sign that high-end consumers are targeting British brands because of their design and quality, according to Charles Garfit – head of manufacturing at Santander UK.
Growing consumer interest in luxury items has increased the value of UK production to £364bn in 2014 – an increase of nearly £10bn compared to the year before.
Within the wider manufacturing sector, the production of luggage, handbags and saddlery increased 54% year-on-year, valuing this sub-sector alone at a cool £205m.
It was seven-year high for the sector indicating that people are increasingly looking to the UK for their luxury goods.
The UK has always had a reputation for quality and design. And with more companies aiming to expand and sell to new markets, a growing number of global consumers have access to manufacturing products available from Britain.
A boost to business across the board
Other sub-sectors have benefited from the boom too: the manufacture of toys and games increased by 50% in 2014, while 41% more taps and valves were sold by British firms in the same timeframe.
People even bought 27% more brooms and brushes from the UK.
A global increase in consumer confidence, the opening up of developing markets, and emerging middle classes in places like China, will all continue to fuel demand for high-end British goods in the future, so now is a good time to look into exporting.
Help where it is need
Santander believes that trading internationally is key to the continued success of UK enterprises, and is working to support businesses with a range of tools to help them meet the export challenge.
There is a comprehensive suite of solutions such as information about global markets, economies and buyers, to hands-on support and Trade Missions – subsidised trips for companies that are eligible to countries where demand for British goods is high.
They help companies to invest in growth and find international trading partners.
Santander has the biggest international banking network in the world, with branches and services accessible in a long list of countries, and its range of flexible finance solutions – including growth capital – is designed to support businesses as they expand.
The ‘Made in Britain’ label is increasingly associated with quality, and interest is rising across international markets.
Santander could help your business uncover demand and take care of the supply too.
For more information, visit: santandercb.co.uk