London is the most alluring place to shop for price-conscious shoppers within the Euro zone and the UK, according to research commissioned by Selfridges.

With the pound at its lowest since the launch of the Euro in 1999, Euro zone shoppers can make savings of about 20 per cent in London over Paris or Milan.

As part of the research, 80 womens- and menswear items were price-checked in Milan and Paris and compared with identical items sold in Selfridges.

When using an exchange rate from the continent, products in Selfridges were on average 10 per cent cheaper, according to the research by the retailer and the European School of Management. Some items were as much as 19 per cent cheaper.

When using an exchange rate from a UK perspective, Selfridges is on average 18 per cent cheaper and up to 29 per cent cheaper in some cases.

New West End company chief executive Richard Dickinson said he expected 10 million overseas shoppers to come to the West End during the festive period.

He said: “The West End has already seen a significant increase in the average spend from Europeans, but also growing markets such as the United Arab Emirates, whose spend has increased by 83 per cent – they are all looking to buy their favourite brands at the best possible prices. This increase demonstrates that the West End is the top destination for luxury shopping in Europe.”