Luxury shops in boost from Indian spend
THE number of luxury goods purchased by Indian shoppers visiting the UK in June surged by 89 per cent compared with the same month last year, according to a retail survey.
The figures, compiled through a poll of 15,000 businesses, reveals the extent to which high street spending is fuelled by foreign spending power.
According to the data, from financial services firm Global Blue, Indians are now high on the list of overseas visitors from emerging markets who are heading to Britain in search of designer goods.
And many Indian shoppers are buying designer goods having previously been more inclined to shop in mid market high street stores. Brands including Miu Miu, Prada and Jimmy Choo are the most popular with Indian shoppers, the survey found.
There was an overall 31 per cent increase in the number of Indian shoppers in UK shops.
Other emerging markets have produced rises including Brazil which saw an 11 per cent increase in luxury goods transactions.
There was 31 per increase in Thai purchases and almost a 50 per cent rise in Malaysian customers.
Meanwhile, the average amount spent by Indian visitors on shopping has risen from £398 in 2008 to £444 in 2010.
Global Blue vice president Nigel Dasler said: “India has become an important market for the UK with a 31 per cent rise in travellers. This may be an indication of the growing wealth of the country.”
The average spend by Malaysian customers in the UK is now £480 – £52 more than in 2008.
Much of the rise in foreign visitor spending has been in London, while periods where the pound has been at its weakest have encouraged savvy shoppers to make the most of the exchange rate.
Jill McArdle head of marketing at Westfield London shopping mall said: “We have seen significant footfall from the Indian tourist market during the summer period and specific brands that have experienced strong sales from Indian tourists holidaying in the capital.”
She said Jimmy Choo shoe sales had risen as a result.