Jewellery retailers in London could be set for a surge in sales this weekend (28 January) as Chinese tourists flock to the capital to celebrate the Chinese New Year.
New data from Worldpay claims Chinese visitors could shell out more than £11m in London alone over the coming week, with tourists visiting the capital to welcome in the Year of the Rooster.
The payment processing company said department stores and high-end boutiques could be the biggest winners during the annual festival, with spending on Chinese cards expected to be 40% higher than the average for this time of the year
It follows reports from Worldpay earlier this year that spending by Chinese visitors had increased by 24% year-on-year, as bargain hunting tourists looked to capitalise in the fall in value of the pound following the EU referendum.
James Frost, CMO at Worldpay UK, said: “As the Chinese New Year is seen in across the world, it looks as though Britain’s businesses are set for a golden week ‘gold rush’.
“With the weakened pound, London is much cheaper this year for Chinese visitors, and we expect popular shopping destinations to reap the benefits from the influx of free-spending tourists.”