Foreign Shoppers Exploit Weak Pound By Spending Over £725m In UK Stores During December
‘Brexit tourists’ spent an extra £130m on the high street compared to Christmas 2015, with Hong Kongese shoppers the biggest spenders
Foreign shoppers took advantage of the pound’s weak value by spending over £725m on the UK high street in December alone, according to research by Worldpay.
Their study of foreign credit card transactions revealed that spending was up 22% or an extra £130m compared to Christmas 2015, with bargain-hunters from Hong Kong the biggest spenders followed by the US, United Arab Emirates and China.
It’s suggested Britain’s decision to leave the EU in June was major factor in the increase in spend, with the pound dropping 8% against the dollar and 12% against the euro tempting ‘Brexit tourists’ to fly over from some good deals.
This drop in value also presents an opportunity for exporters however, with oversea buyers now believing they’ll get more ‘bang for their buck’ if they buy UK goods.
James Frost, chief marketing officer at Worldpay, said:
“Bricks and mortar retailers have not had things all their own way this Christmas, with the latest reports suggesting UK consumers are increasingly doing the bulk of their shopping online.
“So the influx of free-spending tourists we saw in December will have been a welcome boost for retailers looking to balance the books.”
Thinking of exporting to foreign markets, but not sure where to start? Read out guide on exporting here.