New data from Worldpay suggests that overseas visitors could spend as much as £2.4 billion this summer, following a particularly prolific period of shopping by Middle Eastern tourists during the traditional Eid celebrations at the end of June.
New data from the payments processor revealed an influx of Middle Eastern tourists last moEid festival, with sales increasing by 63% as shoppers profited from the weak pound.
Worldpay’s analysis of spending patterns in June 2017 found that spending on foreign cards was up by 18% year-on-year***, with tourists splashing out £643 million on UK high streets*. If this trend continues, then Worldpay estimates 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.”
Worldpay found that outside of the Middle East, visitors from Russia and the US were the biggest spenders, splashing out an extra 25% and 19% respectively, compared to last year**.
James Frost continued: “It tends to be London that grabs the headlines when it comes to tourist spending, but the reality is destinations right across the UK are benefiting from an influx of free-spending tourists. Businesses in Scotland and Wales have already seen foreign spending surge by as much as 27% compared to last year**, and this could increase further in July and August. By investing to make their businesses more attractive to global customer, retailers and tourist hotpots across the UK could make serious gains from the pound’s performance this summer.”