London is now the cheapest place to buy a Louis Vuitton handbag. According to research from Deloitte, many luxury goods now cost less in dollar terms in the U.K. than in any other country.
According to the research, the Speedy 30 Louis Vuitton handbag is $802 in London, compared with $850 in Paris, $970 in New York, and $1,115 in China.
This trend is linked to the fall in sterling, which has dropped more than 17 percent against the dollar since June, as a result of Brexit.
“The trend in luxury pricing in the U.K. is being driven mainly by the depression in sterling—thus making the same item more affordable in the U.K. market than any other major luxury market,” Nick Pope, the head of fashion and luxury at Deloitte, told the BBC. “People don’t like paying more for the same product.”
The report stated that 64 percent of comparable luxury products were now cheapest in the U.K., which is why stores there have seen a significant increase in the number of tourists spending in their shops.