Overseas visitors could splash out as much as £2.4bn in the UK this summer as they take advantage of the slump in the value of the pound.
Spending on foreign cards jumped 18% in June as British high streets raked in £643m from tourists, according to payments processor Worldpay.
Luxury boutiques and department stores were the biggest beneficiaries during Eid from June 24, Worldpay said, with sales surging 63% during the “Ramadan rush”.
The firm said that following the “prolific period of shopping” by Middle Eastern tourists during last month’s celebrations, it now predicts that foreign card spend could reach £2.4bn as tourists flock to the UK “in their droves”.
Worldpay said tourists from Russia and the US were the biggest spenders from outside of the Middle East last month, splurging an extra 25% and 19% respectively compared to last year.
Worldpay chief marketing and commercial officer James Frost said: “Sterling’s slump is continuing to attract visitors in their droves, safe in the knowledge that their holiday cash will stretch a little further.
“Eid provides a useful barometer for foreign spending more broadly. The latest figures from this year’s festival point towards a summer spending frenzy from overseas visitors looking to cash in on the weak pound.”
Frost added: “It tends to be London that grabs the headlines when it comes to tourist spending, but the reality is destinations right across the UK are benefiting from an influx of free-spending tourists.
“Businesses in Scotland and Wales have already seen foreign spending surge by as much as 27% compared to last year, and this could increase further in July and August.
“By investing to make their businesses more attractive to global customers, retailers and tourist hotspots across the UK could make serious gains from the pound’s performance this summer.”