Westfield’s shopping centres have enjoyed a surge in the number of Chinese consumers buying luxury goods following Britain’s decision to leave the European Union, City Am has reported.
A weak pound caused Chinese spend at Westfield Stratford to increase by 116% year-on-year and was also up by 16% at Westfield White City. Luxury handbags and accessories by Louis Vuitton, Gucci and Burberry proved the most popular items.
Tax free tourist spend has also soared in London’s West End, jumping by 44% year on year as visitors took advantage of the favourable exchange rates. Chinese visitor spend in the shopping district was up 65% on August last year to an average of £1,453 per shopper.