New West End predicts record sales over Chinese New Year

552
Chinese New Year

The New West End Company has predicted record sales over Chinese New Year this weekend, thanks to an influx of Chinese tourists.

Prime Minister Theresa May’s recent trip to China has reportedly made the UK even more appealing to Chinese tourists, who are already cashing in on favorable exchange rates and easy visa applications.

Chinese tourists are predicted to spend £32 million in the Bond Street, Oxford Street and Regent Street precincts in central London in the two weeks from Friday 16 – marking a 14.3 per cent growth.

Meanwhile, total Chinese spend across central London is expected to exceed last year’s peak of £400 million.

“There is still more work to be done to make us globally competitive with Paris, which welcomes five times more Chinese visitors than the UK each year,” New West End Company chief executive Jace Tyrell said.

“With China on track to reach 100 million outbound journeys a year by 2020, the Chinese customer remains crucial to the health of London’s tourism and retail sectors as we prepare for Brexit Britain.”

Compared to tourists from other areas, Chinese visitors spend an average of three times as much, totaling £1972.

Average transactions in the West End area also average £1370.

Click here to sign up to Retail Gazette’s free daily email newsletter