Sunday, August 14, 2022

Westfield prepares for massive international spend during Chinese Golden Week

Chinese Golden Week is expected to see a surge in shoppers visiting London‘s Westfield shopping centres next month.

October will see Westfield offer tax-free shopping, attracting Chinese tourists looking to make the most of the weak sterling.

Westfield predicts this will mean a substantial increase in trade for both their London and Stratford City shopping centres, two of the biggest shopping centres in Europe..

The average annual household spend of Chinese tourists hit nearly £50,000 this year, increasing by over 20 per cent.

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Currently, Chinese tourists are the biggest target market at Westfield shopping centres, and Goldman Sachs predict this will double by 2020 as the number of tourists continues to rise.

According to data from Westfield retailers, Chinese shoppers are bulk buying designer items such as Louis Vuitton, Gucci and Burberry. 

The average number of items in a purchase has doubled since last year from five to 10.

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During Ramadan, Westfield saw a sales peak of 70 per cent in international spend. 

Having already seen a 53 per cent and 116 per cent rise in Chinese spend across Westfield London and Stratford City respectively during the summer, it predicts a further increase in sales.  

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“International markets continue to be one of Westfield London‘s most important, with sales from Middle Eastern and Asian regions continuously growing,” chief marketing officer Myf Ryan said.

“The complete offer of designer and high street retail with enhanced customer service and dining ensures Westfield centres are popular tourist destinations in London.”

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