Chinese New Year To Boost A Much Needed UK Retail 13Apr

Chinese New Year To Boost A Much Needed UK Retail

Global Blue said that visitors from china are the number one spending nationality in UK and remain consistent. This year’s Chinese New Year will aid shopper increase and provide retailers with a much needed sales boost in first quarter of 2018.

The weakened sterling, China’s strengthening economic position, relaxed China-UK tourist visa rules. Direct flights between the two countries and work of the UK Chinese Visitor Alliance will also contribute to boost the retail spending to a rise during the Chinese New Year.

Exact figures are not revealed by the Global Blue of how much it thinks the sales would grow during Chinese New Year. It said that the spending grew 23.5% year-on-year during last year’s event and 8.9% year-on-year in 2016.

In addition, 2017 tax-free spending from Chinese tourists surged 32% year-on-year. Visitors from China accounting for 28% of all tax free sales in UK.

A slow month of sales in January followed by a boost in sales in this month which Global Blue partly attributed to a marginal 2% year-on-year increase of international sales from non-EU visitors and a 2% decrease on the average spend per transaction at £817.

“Chinese New Year is a key period for UK retail and our historical statistics reveal that spending from Chinese visitors has consistently increased every February over the last three years,” Global Blue UK managing director Gordon Clark said.

In the month of February last year, the average spends for Chinese shoppers per transaction were £922, a 23.5% increase from 2016. The average spends per transaction was £746.

In 2015 and 2016 there is an increase in spend by 8.9%. The average spend per transaction in 2016 was £685.

We are optimistic and consequently the sales and spend will continue to rise in February 2018.

Clark added: “The relaxed visa requirements for Chinese visitors to the UK combined with the weakened pound and new direct flights offers a boosted incentive for shoppers to visit the UK over Paris or Milan this Chinese New Year.”