Nine out of 10 consumers surveyed for the report ( 89%) say they buy luxury products because the quality is high and 76% do so because they want to treat themselves. Two-thirds ( 66%) say they’re motivated to buy luxury goods due to their exclusivity.

Social proof was a pull for almost half of those surveyed – 46% said they buy luxury products because they’re popular with friends and family.

The quality of the product is the most important feature for luxury consumers ( 39%), while only 14% of luxury shoppers agree that celebrities and influencers are an important feature of a luxury experience.

Ben Pask, managing director at Rare Consulting, said: “The UK luxury market represents a real opportunity over the next few years. What’s most interesting is how the language of luxury and what it means to people really varies in the sector. However, traditional attributes such as quality remain as important as ever.”

The research consisted of a survey of 290 high-earners in the UK.