Tourists reap the benefits from plummeting pound

With the pound hitting an all time 31 year low, tourists around the globe continue to flock to the UK to take advantage of the post-Brexit economical climate and bag a luxury bargain, according to the latest data from Worldpay, leading payment company.

Although UK retailers are more than likely to increase prices following the decling sterling, in the ten weeks following the national referendum, foreign card spend has increased by 5.8 per cent in comparison to the previous ten week period.

Not only have tourists been spending more in the UK, but Worldpay's data also shows that the average value transaction on foreign cards has grown over the last ten weeks. But it is the online retailers who have enjoyed the biggest boost per transaction, with average basket values increasing 15.7 per cent to 132.91 pounds.

In comparison, tourists paying a visit to the UK's high street retailers spent an average of 45.61 pounds per transaction - a 14.7 per cent boost compared to spend pre-Brexit.

"With overseas visitors looking to capitalise on the weaker pound, retailers up and down the country are set to benefit from a post-Brexit boom as a result of ongoing currency fluctuations," commented Dave Hobday, UK Managing Director, Worldpay. "There are clear opportunities for businesses to thrive in the post-referendum environment – the time is ripe to export, but it is vital that business owners take action."

"By continually investing to make their businesses more attractive to global customers, UK retailers could make serious gains from the pound’s performance. Careful, strategic thinking and a multi-channel approach will enable businesses to capitalise on the current demand for British products, and make their mark overseas."

Photo: Worldpay, website