It's Cheaper Now Than Ever to Buy These Luxury Goods in London Because of Brexit

64 percent of luxury products are currently cheapest in the UK, including Louis Vuitton.
Image may contain Shoe Clothing Footwear Apparel Human and Person
Bloomberg/ Getty Images

When Brexit was first approved, the internet was abuzz with speculation about what it would mean for England, specifically London. As it turns out, it means that—at least right now—certain luxury goods are cheaper to buy there than in the United States thanks to the drop in Sterling, which has fallen over 17 percent since June.

One item that would be smarter to buy across the pond is Louis Vuitton's iconic Speedy 30 bag, which is currently cheaper in the UK than anywhere else in the world at $802, compared with $850 in Paris, $970 in New York, and $1,115 in China, as found in a new report conducted by Deloitte. "The trend in luxury pricing in the UK is being driven mainly by the depression in sterling—thus making the same item more affordable in the UK market than any other major luxury market," Deloitte head of fashion and luxury Nick Pope explained to the BBC. "People don't like paying more for the same product."

While the price difference might not outweigh the cost of a plane ticket, that hasn't stopped many tourists from swarming the luxury good stores to take advantage of the price drop. In addition to Louis Vuitton, Deloitte found that 64 percent of comparable luxury products are also cheapest in the UK.

This isn't the first time that a major European city has been the cheapest place to buy luxury goods—before London's recent price drop, Paris was the number one place in the world to buy Chanel if you were looking for a discount. In fact, when this writer visited Paris two winters ago, Chanel employees were quick to advertise that it was 20 to 30 percent cheaper to buy a handbag in Paris because of the lack of import fees and taxes. (Non-EU residents can claim VAT tax back on purchases over 175€ at the airport.) Chanel eventually, raised the price for their classic quilted bag by 20 percent. Whether or not Vuitton follows suit, it might be a good time to ask any friends passing through the city to personal shop for you.