Tourists could splash out £2.4bn
Overseas visitors could be set to spend as much as £2.4bn this summer according to leading payment processor.
New data from Worldpay shows an influx of Middle Eastern tourists last month, during the traditional Eid celebrations at the end of June, saw visitors spending 59 per cent more year on year.
Luxury boutiques and department stores saw the biggest increases with sales rising by 63 per cent as shoppers took advantage of the weaker pound.
Analysis in June revealed tourists splashed out £643m on the high street, with spending on foreign cards up 18 per cent. Wordplay estimates that if this trend continues foreign card spend could reach £2.4 billion this summer.
James Frost, UK CMO, Worldpay, said: “Sterling’s slump is continuing to attract visitors in their droves, safe in the knowledge that their holiday cash will stretch a little further.
“Eid provides a useful barometer for foreign spending more broadly. The latest figures from this year’s festival point towards a summer spending frenzy from overseas visitors looking to cash in on the weak pound.”