Retailers across London’s West End are set to profit from a Christmas spending spree as international shoppers snap up Brexit bargains.
Sales in the six weeks to December 31 are expected to climb 1.5% to £2.61bn compared to the same period last year.
Forecasts from New West End Company suggest till receipts will hit £51.5m per day.
Average spend from tourists has already jumped 4%, according to tax-free shopping company Global Blue, as they take advantage of the fall in the value of the pound.
Chinese shoppers lead the way, having grown their average spend 11% to £1,583.
Although sales to international tourists continue to grow in the West End, footfall in the region is expected to slide 3.2% during the six weeks leading up to New Year’s Eve as British consumers become more targeted in their visits to prime locations such as Oxford Street, Regent Street and Bond Street.
However, shoppers will be attracted to the area by 65 new stores that have launched so far in 2017, including the likes of Polish fashion chain Reserved, H&M fascia Arket, and Lululemon.
New West End Company chief executive Jace Tyrrell said: “The West End is a huge contributor to the country’s economy, generating over £9bn in sales last year, and we’re glad to see a strong end to the year forecast in this report.”
Tyrrell added: “With exciting attractions like our iconic Christmas lights, combined with better-than-expected weather, this could be one of our best years yet and a busy Christmas will set up the West End for an even busier 2018 when the Elizabeth Line opens, bringing an additional 60 million visits each year by 2020.
“After a difficult year and ongoing uncertainty about Britain’s relationship with the European Union, we’re cheered to see such a healthy forecast for the crucial Christmas trading period.”