UK retailers are enjoying a post-Brexit boom in spending from international consumers, according to the latest figures from Worldpay.
In the 10 weeks following the referendum, growth in foreign card spend has increased by 5.8% compared to previous 10 week period. Whilst 6% of this growth increase was witnessed by traditional bricks and mortar retailers, online sales also jumped by 2% over the same period.
The rise is due to the value of the pound sterling falling to a 31-year low against the dollar, making travel to the UK more attractive for those seeking a bargain on holiday.
Worldpay’s data also showed an increase in average value transaction on foreign cards. Online retailers saw the biggest boost, with average basket values up by 15.7%, reaching £132.91. Meanwhile, foreign visitors to UK high street retailers spent an average of £45.61 per transaction, a rise of 14.7% compared to pre-Brexit spending.
Dave Hobday, UK managing director at Worldpay said: “With overseas visitors looking to capitalise on the weaker pound, retailers up and down the country are set to benefit from a post-Brexit boom as a result of ongoing currency fluctuations.
“There are clear opportunities for businesses to thrive in the post-referendum environment – the time is ripe to export, but it is vital that business owners take action. By continually investing to make their businesses more attractive to global customers, UK retailers could make serious gains from the pound’s performance,” he added.