Insight: tourists profit from plummeting pound
With the sharp fall in the value of the pound, new figures have shown that UK retailers are benefiting from a post-Brexit climate where international consumers flock to bag a British bargain.
According to latest figures from Worldpay, growth in foreign card spend increased by 5.8% in the ten weeks following the EU referendum compared to the previous 10 week period. Whilst 6% of the growth increase was witnessed by traditional bricks and mortar retailers, online sales also jumped by 2% over the same period.
The data also reveals an increase in average value transaction on foreign cards. Online retailers had the biggest boost, with average basket values rising by 15.7% to £132.91. Meanwhile, foreign visitors to UK high street retailers spent an average of £45.61 per transaction, a rise of 14.7% compared to pre-Brexit spending.
Dave Hobday, UK managing director of Worldpay, said: “There are clear opportunities for businesses to thrive in the post-referendum environment – the time is ripe to export, but it is vital that business owners take action.
Never Miss a Retail Update!“By continually investing to make their businesses more attractive to global customers, UK retailers could make serious gains from the pound’s performance. Careful, strategic thinking and a multi-channel approach will enable businesses to capitalise on the current demand for British products, and make their mark overseas.”
