Friday 30 September 2016

HRH is still the leader of the brand for Britain's luxury goods

Published 09/09/2015 | 02:30

A new waxwork of Queen Elizabeth at Madame Tussauds
A new waxwork of Queen Elizabeth at Madame Tussauds

According to Warwick Business School, Queen Elizabeth plays a key part in selling Britain's luxury brands abroad.

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With the luxury market worth around €230bn last year, many brands have found that a perceived association with royalty provides a key advantage over rivals.

"Luxury goods are defined as those satisfying hedonic rather than functional needs and our research has found this is an area that Britain enjoys a distinct advantage in," said Professor Qing Wang.

"The Queen is a significant reason for this, as a very important factor that makes Britain stand out is that it incorporates tradition and innovation seamlessly.

"Britain's advantage lies in the so-called soft power, which is defined as the ability to get what you want through attraction rather than coercion, and the UK's royal heritage is a key part of that."

Such is the royal draw that British products and services have insulated themselves from a recent downturn in the luxury market simply by reaffirming their link to the country's monarchy, according to Mr Wang.

The research focused on China, one of the world's biggest markets for luxury goods.

It found that Chinese shoppers were particularly influenced by the Queen when making such purchases.

Almost a quarter of those surveyed said they get their inspiration for fashion and home style from the Queen and the royal family.

A further one in six said that the reason they buy British goods is because the Queen and royal family wear or use them.

Irish Independent

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