LONDON’S high-end retailers are expecting a boom in spending by Chinese customers next week, as tourists flock to the capital during Golden Week – the country’s annual October holiday.
Last year, luxury stores saw an increase of 31 per cent in Chinese spending during the holiday, while during Chinese New Year in February sales rose by 25 per cent year-on-year. According to shopping consultancy Global Blue, 83 per cent of travellers from China said that their favourite activity was shopping when visiting the UK.
“Chinese Golden Week is a hugely important time for UK luxury retailers, as thousands of Chinese tourists flock to our flagship stores in search of their favourite brand, which can be up to 30 per cent cheaper to buy in the UK even before they have claimed back their tax free refunds,” said Gordon Clark, UK country manager of Global Blue.
China now accounts for 23 per cent of total international tax free shipping in the UK.