Report predicts surge in Chinese tourist numbers and spending as sterling slumps
today Aug 2, 2019
The fall in the pound could mean more Chinese tourists coming to the UK and spending more during their visits, a new study has found.
The number of Chinese shoppers in the UK could increase by 22% if sterling falls to parity against the US dollar and the Chinese currency holds its value, said the report.
This could lead to Chinese tourists in the UK spending an extra £375 per person per visit, bringing the average spending per visit to £2,053.
The report was released by JGOO, a mobile payments platform, and published by China Daily.
“Under Boris Johnson, the new government appears to be taking a tougher stance over Brexit and the chances of leaving without a deal are increasing," said Richard Morecroft, director and co-founder of JGOO.
“With the chances of the Conservative Party's majority in Parliament falling to one and with the possibility of a general election, sterling is likely to fall further.
“All of this is putting pressure on sterling, and if it does fall, this will no doubt have a negative impact on many parts of the UK economy. Such a fall is likely to be a huge boost for UK retailers when selling their goods to tourists, to those buying remotely from China, and for the country's tourism industry as a whole.”
London retailers stand to benefit the most from any increase in Chinese visitors, as 48% of total spending by Chinese tourists takes place in the English capital.
The most popular time to visit the UK among Chinese citizens is between July and September, the report found.
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