The weak pound has made Britain’s high streets an increasingly attractive place to shop for in
Published 14th December 2016
The weak pound has made Britain’s high streets an increasingly attractive place to shop for international consumers, as tax free shopping rose by 45% in the last quarter.
Tax-free shopping company Premier Tax-Free has found that British high streets have seen a steady rise in tax free trade, driven by a growing number of visitors from the Middle East, which the company predicts will continue into next year.
Since the EU referendum, the growth of tax-free sales has risen by consistent double digits, reaching a total growth of nearly half in the last three months. With Chinese Golden Week and Diwali this trend is expected to continue through October and November.
Shoppers from the Middle East are now the biggest contributors to tourism spend, according to the data, seeing a continual influx after the usual Ramadan spike. Middle Eastern tax-free transactions were up 48 percent in last month, with Saudi Arabian spend up a record 117 per cent.
Chinese Golden week, which took place in October, was reportedly the most successful week ever, seeing a surge of 30 percent in Chinese tourists. With Diwali around the corner, a 32 percent increase is expected, delivering a further boost in November.
“Amid stories of price increases and fears that Brexit could weigh on sales ahead, a positive outlook for tax-free shopping is a silver lining for British retailers,” chief executive of Premier tax-free Patrick Waldron said.
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