Retailers are poised for a bumper sales weekend as tourists prepare to celebrate Chinese New Year.
Businesses in London are expected to benefit most from a spike in spend, with Chinese visitors set to splash more than £11m in the capital alone over the coming week, according to data from Worldpay.
Department stores, luxury retailers and high-end boutiques are predicted to be the winners as shoppers mark the year of the Rooster, while grocery stores could also cash in on sales of oriental products.
Spending by Chinese visitors to the UK has already spiked 24% following the Brexit vote, as tourists take advantage of the tumbling value of the pound against the Yuan.
But retailers will be competing against experiences and leisure activities for spend, with Worldpay forecasting museums, art galleries and cultural attractions to register a 27% surge in takings over the next week.
Bars and restaurants across the UK could see their revenues rocket as much as 50%.
Worldpay UK chief marketing officer James Frost 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.”
London’s West End is braced for a sales surge, with revenues from Chinese shoppers up 121% last week, compared to the same period in 2016.
In contrast, domestic and European spend increased 10.2% and 12.6% respectively.
New West End Company chief executive Jace Tyrrell said: “The Spring Festival has long been a key date in the West End calendar. And with last year’s Golden Week proving particularly popular – with average transaction values at £1,049 – we are anticipating a similar uplift in sales over the New Year.
“Although the holiday was traditionally used for family get-togethers, more and more Chinese citizens are opting to use the break as an opportunity for travel – and with the dates this year allowing for a possible ten-day break, many are choosing the West End as their go-to shopping destination to enjoy the holiday.”