Worldpay predicts a golden week at the tills for UK retailers from tomorrow (Saturday January 28), which marks the start of Chinese New Year.
The global payments company predicts that Chinese visitors could shell out over £11 million in London alone over the coming week, as tourists flock to the capital to welcome in the Year of the Rooster (which lasts until February 15, 2018).
According to the latest data from Worldpay, department stores and high-end boutiques could be among the biggest winners during this annual spring festival, celebrated at the turn of the traditional Chinese calendar.
Spending on Chinese payment cards is expected to be 40% higher than average for this time of year. These figures are expected to increase even further, 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.
Worldpay said: ‘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, chief marketing officer 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.”