According to the latest data from Global Blue, while overall tourist spending in the UK has seen a slight decline, luxury shopping in London is on the rise, especially in the build-up to the festive season. Despite the tough conditions facing the retail industry in the UK, London seems to be bucking the trend as tourists flock to its prestigious stores, particularly those located on Bond Street.
Over the past 10 months, Global Blue has observed a decrease in overall visitor retail spend across the UK in comparison to the previous year. However, international visitors, especially those from outside of the EU, are driving sales in London, with the average spend on Bond Street increasing by 4% year-on-year. These international shoppers are splurging an average of £1,341 per transaction, underscoring a strong preference for luxury shopping in the capital.
The month of October stood out as a robust period for the fashion retail sector, with average spending on Bond Street rising by 13% when compared to the same month in the prior year. Global Blue highlighted the significance of international visitors to the UK economy and referenced Visit Britain’s predictions for 2018, which anticipate a growth in visitor numbers and overall expenditure.
Interestingly, it is not mainland Chinese citizens who hold the title of the top spenders on Bond Street, but rather visitors from the UAE, Qatar, and Hong Kong. Among these, UAE shoppers reign supreme with an average spend of £2,074 per transaction, signifying a substantial 19% increase from the previous year. Qatari shoppers closely follow with an average transaction of £1,964 (up 7%), while Hong Kong shoppers spend £1,837 per transaction (up 15%). The largest surge in spending, however, comes from Indonesian visitors, who are averaging £1,551 per transaction, marking a notable 20% increase from 2017.
Global Blue also pointed out that while London’s luxury shopping scene is thriving, the rest of the country is witnessing a dip in average international tourist spend, which is down by 3% year-on-year. Derrick Hardman, the Managing Director of Global Blue for the UK and Ireland, expressed confidence in the growing demand for luxury shopping in London, affirming the city’s global standing as a premier destination for retail therapy.
The success of luxury shopping in London has led Global Blue to launch the UK’s inaugural Global Blue VIP Lounge in Mayfair, further cementing the city’s reputation as a top-tier luxury shopping hub. Despite the challenges confronting the retail sector, London continues to attract international visitors and luxury shoppers, offering a distinctive and exceptional shopping experience to all who come to explore its retail offerings.
For more information on luxury shopping and tourism in London, check out the following links: Luxury Shopping in London and Best Shops on Bond Street.
