Large sales increases in capital
Middle Eastern shoppers fuelled large sales increases on many of London's main shopping streets last year, according to new figures released by Global Refund that measure retail spending by visitors from outside the European Union.
During last year, Knightsbridge, Sloane Street and Oxford Street recorded large increases in the numbers of customers from Saudi Arabia and United Arab Emirates claiming Tax Free Shopping forms. This resulted in each street showing sales increases of 7 per cent, 14 per cent and 5 per cent respectively.
These increases can be attributed to the hike in oil prices throughout the year that left many Middle Eastern tourists flushed with money, says Global Refund.
Bond Street and Regent Street both recorded low increases in sales, 1 per cent and 4 per cent respectively, with the main tourist groups driving sales being Russians and Koreans, at spending increases of 18 per cent and 36 per cent respectively.
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