Chinese visitors hunting high-end goods expected to spend £11m in London alone over Chinese New Year.
High-end jewellery boutiques are expected to see a considerable sales injection this weekend as Chinese tourists are predicted to flock to the capital to celebrate Chinese New Year.
According to new figures, Chinese visitors looking for luxury goods could splash £11 million in London alone over the coming week, to welcome in the year of the Rooster, which begins on Saturday.
A clutch of luxury watch brands (including Jaquet Droz, pictured above) have launched special editions featuring the rooster, which will be on sale in Harrods, Selfridges, Watches of Switzerland and other destination stores in Central London.
Data from Worldpay, a payment process specialist, predicts that department stores and high-end boutiques could be among the biggest winners during the annual spring festival, with spending on Chinese cards expected to be 40% higher than average for this time of year.
These figures are expected to increase even further this year, with more Chinese visitors than ever visiting British shores.
Spending by Chinese visitors has increased by 24% year-on-year, as bargain-hunting ‘Brexit tourists’ take advantage following the slump in value of the pound against the Yuan in the wake of the referendum result. The combination of the weak pound and a growing Chinese luxury market means the UK has never been more desirable as a shopping destination.
Commenting on the data, James Frost, CMO of Worldpay UK, said: “As the Chinese New Year is seen in across the world, it looks as though Britain’s businesses are set for a Golden Week ‘gold rush’. With the weakened pound, London is much cheaper this year for Chinese visitors, and we expect popular shopping destinations to reap the benefits from the influx of free-spending tourists.”