Retailers year of the rooster will be something to crow about

31 January 2017 - Janet Bird

chinese new year shopping

British retailers are hoping the beginning of Chinese New Year last weekend will herald a luxury goods spending splurge, with millions of tourists from Asia expected to flock to the UK to celebrate the occasion.

The year of the rooster dawned on Saturday (January 28), with payment services provider Worldpay predicting Chinese tourists attracted by the weak pound could spend over £11 million in London over the coming week - giving retailers plenty to crow about.

Visit Britain said flight bookings from China to the UK were up 81 percent compared to January 2016.

The post Brexit fall in the value of sterling means prices in the UK are around 11 percent cheaper for Chinese visitors than they were a year ago.

Not only is this attracting more Chinese visitors, it means they are also staying longer - an average of 15 days compared to just eight in other countries. They also spend around three and half times more than the average tourist - about £2,174 per head.

Luxury brands particularly are reaping the benefits, and are expected to see a 40 percent increase in tourist spend over the Chinese New Year period.

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