UK luxury brands are expected to see a spending boost from Chinese shoppers from the bi-annual ‘Golden Week’ holiday.
According to research from Global Blue, spending by Chinese tourists grew by 8% year-on-year in 2017 during October’s Golden Week and by 54% year-on-year in 2016 during October’s Golden Week.
The week, which lasts until 7 October will see wealthy Chinese shoppers flock to the UK to spend on luxury brands which are cheaper to buy in Britain following the weakening of the pound.
In 2018, Chinese visitors remained the UK’s biggest group of tax-free spenders, accounting for 26% of total tax free sales in London between January and August 2018.
According to Global Blue, despite representing the largest group of tax-free spenders in the UK Chinese tax free spending was down 13% in London in August 2018.
Derrick Hardman, managing director UK and Ireland at Global Blue, said Golden Week would provide a welcome boost: “Golden Week is a major moment in the retail calendar as it drives an influx of affluent Chinese visitors to luxury retailers and hotels. Despite a difficult retail environment, our historical statistics reveal that spending from Chinese visitors has consistently increased every Golden Week (October) over the last two years and consequently, Golden Week should provide retailers with a much needed boost.”