London retailers are suffering from the continued impact of VAT on overseas spending as Chinese tourists returning to the capital spend “significantly less” than they did before the Covid-19 pandemic.
According to the New West End Company’s latest research, there is a “growing gap” between the number of international tourists visiting the capital and their “propensity to spend”.
The gap between international visitor travel and spend in comparison to figures from 2019 has grown from one percentage point in the first quarter of this year to 31 points in the third quarter.
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