Last week the UK was in disarray following news of an imminent Marmite shortage. But it seems, in the wake of Brexit and the crashing pound, which has dropped more than 17% against the dollar since June, there's actually, finally some good news for shoppers.
If you've been deliberating at length whether to invest in a designer handbag or not, now's the time to do it, but make sure you buy it in London. According to research from Deloitte, items from Louis Vuitton and other luxury fashion brands now cost significantly less in Britain (in terms of the dollar) than anywhere else in the world. A Speedy 30, one of the French fashion house's most iconic designs, costs £645 ($802) in London as of 7th October, while in Paris it costs €760 ($850), priced at a whopping $970 in New York. Chinese customers brace yourselves, as the bag costs 7,450 yuan ($1115) on home turf.
Nick Pope, Fashion and Luxury Lead at Deloitte explained to the BBC: "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."
If you're not a fan of Louis Vuitton, these discounted prices extend to a number of our other favourite high fashion brands. A Balenciaga Foulard fringe dress, by designer du-jour Demna Gvasalia, costs $1,312 in London, $1,560 in Paris, $1,765 in America and $1,665 in China. And the Loewe elephant bag carried by every street style star worth their salt during fashion week costs $311 in London in comparison to $380 in the U.S.
So has the comparative dip in high fashion prices in Britain seen a surge in foreign luxury shoppers? In short: yes. According to the BBC, residents from overseas made 3.8 million trips to the UK in July (just after the Brexit vote) which was an increase of 2% from July 2015.
But before you pack your bags and head straight to Bond Street, Pope advised that these cheaper prices may not necessarily last, explaining that a small number of brands have already made amendments: "Luxury brands are usually – and rightly – cautious about en masse pricing adjustments. But if over six to 12 months this sterling position becomes the 'new normal' – and hence margins are under continued pressure – I would expect more brands to respond with pricing adjustments."
Will it be handbags at dawn at the till points in Louis Vuitton? While prices are still down, we'll race you to the checkout.
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