London sees surge in luxury shoppers

London as a prime destination for luxury goods has seen a return of high spending tourists, with Russian tax-free spending up 88 percent and American shoppers up 116 percent last month, according to London Luxury Quarter's latest report.

The quarter, which includes the historic area of Mayfair, St James’s and Piccadilly, is anchored around New and Old Bond Street, an area synonymous with world-class luxury and leisure. It is also home to the most luxurious retailers and services in the world.

Russian and American shoppers have returned to London

The fall of the sterling post Brexit referendum has brought Russians and Americans back to the UK, which according to the report saw a 39 percent rise in tax free shopping in the the January-to-March period.

In the past few years Russians have largely remained absent from London after the devaluation of their currency and economic woes kept them home. American visitors in comparison accounted for 11 percent of London Luxury Quarter’s international tax-free shopping market.

“The steady growth of U.S. spend and the bounce back from Russian visitors brings diversity to London Luxury Quarter, which has been dominated by Chinese and Middle Eastern visitors for some time,” said Mark Henderson, chairman of London Luxury Quarter. “Brands welcome the mix as it promotes their names in visitors’ home markets and supports their global success, rather than relying on a single market.”

Mayfair and its luxury surrounding have also been a draw to Chinese visitors, which saw a rise of 68 percent, where as visitors from Saudi Arabia and the UAE accounted for 45 and 24 per cent respectively.

The London Luxury Quarter represents 53 streets and 4 shopping arcades. The initiative was founded in 2010 and is supported by New West End Company and Heart of London Business Alliance. London Luxury Quarter is positioned as global destination and is marketed worldwide with an estimated 3 billion pounds retail spend per year attracting visitors from a multitude of countries.

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