Retailers to experience cash influx as the Chinese New Year kicks off

London - With the start of the Chinese New Year kicking off on Friday, the UK is expected to see an influx of tourists coming from abroad to celebrate the year of the Rooster. But retailers in London are expected to enjoy as extra bonus this week, as Chinese visitors could spend as much as 11 million pounds, according to the latest data from Worldpay.

Department and high-end stores in London's West End are set to gain the most from the Chinese tourist boost, with spending on Chinese cards expected to be 40 percent higher than average during this time of the year. Bargain-hunting 'Brexit tourists' could see these figures increase even more, as spend from Chinese tourists has increased by 24 percent year on year following the dip in the pound against the yuan in the wake of the referendum vote. The combination of the weak pound and an increasing Chinese luxury market, plus the New Year is likely to make the UK incredibly desirable as a shopping destination.

"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," commented James Frost, CMO Worldpay UK.

In addition, as the UK government continues to relax visa restrictions for Chinese tourists, it is now easier than ever for them to come and visit the UK for a shopping holiday. The Chinese New Year is traditionally one of the busiest times of the year for Chinese travellers, as an estimated 6 million people take the opportunity to travel abroad during the public holiday. Prior to the holiday travel agents and airlines across China have reported a 26 percent increase in sales.

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