Overseas visitors could splash out as much as £2.4bn in a spending bonanza by the end of this summer as they take advantage of sterling’s weakness.
Spending on foreign cards was up 18% year on year in June and tourists bought £643m worth of goods on the high street, payments processor Worldpay has indicated.
Visitors form the Middle East spent 60% more during this month’s Eid festival than during an average week, Worldpay says. Tourists from Russia and the US spent an extra 25% and 19% respectively compared with last year.
James Frost, UK chief marketing officer at Worldpay, said: “Sterling’s slump is continuing to attract visitors in their droves, safe in the knowledge that their holiday cash will stretch a little further. Eid provides a useful barometer for foreign spending more broadly.
“The latest figures from this year’s festival point towards a summer spending frenzy from overseas visitors looking to cash in on the weak pound.”