According to the Luxury and Location report conducted by CBRE and Walpole, focusing on the luxury markets in London, New York and Hong Kong, all three of these cities face their own current challenges. London is taking on board the decision of the UK population to leave the European Union, New York is under a new President and Hong Kong faces challenges with declining tourist numbers from Mainland China.
From the analysis and research, a clear case for London becoming the global luxury destination emerges, says the report.
London is benefitting from the rise in international visitors due to a weaker pound, while the market in New York is cooling. As for Hong Kong, alternative Asian markets are becoming its tough competitors.
Other factors like over 100 five-star hotels, 65 Michelin-quality restaurants and the growth beyond heritage shopping locations due to high property demand in London are resulting in a rise of the city as a luxury shopping destination, notes the report. (KD)
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