With the biggest Chinese New Year celebrations outside of Asia set to kick off in the capital this Saturday 28th January, businesses across Piccadilly, Leicester Square and St James’s anticipate a marked increase in tourist spend boosting the heart of London’s cultural, retail and food and beverage sectors.
Hundreds of thousands of people are expected to gather in London’s West End to mark the year of the rooster, including Chinese tourists for whom the fallen pound is a continued attraction; international tax free spend by Chinese shoppers was up +50% in December, year on year, and double digits are expected for both January and February, according to Ros Morgan, Chief Executive Heart of London Business Alliance.
“Following June’s Brexit vote, Chinese tourist spend in London has seen consistent, double digit growth as visitors have been encouraged by the weakened pound,” Ms Morgan says.
“Chinese New Year is one of the biggest calendar moments for the tourist industry and with events planned throughout the heart of London, including the main parade beginning in China Town; we expect our leisure businesses to thrive from the festivities’ increased footfall.”
Ms Morgan adds: “Chinese shoppers account for the largest share of non-EU tourist spend in London and are one of the top five highest average spending groups. Their tourist presence in London is significant to our capital’s economy and helping celebrate their national traditions brings colour and excitement to our famously multicultural city.”
Mark Henderson, Chairman London Luxury Quarter says: “Chinese tourists remain London Luxury Quarter’s most frequent shopping group. Their desire for British luxury is clear from their constant spend across Mayfair, St James’s and Piccadilly retailers; in 2016 this increased by +15% compared with 2015.
“Luxury establishments, such as the retail and dining offering at the newly launched St James’s Market will benefit from the influx of Chinese visitors over their New Year, as visitors look to complete their London experience.”
London Luxury Quarter’s By Appointment programme – a bespoke service offering tailor-made itineraries to ultimate luxury experiences in London’s West End – is running exclusive offers for members throughout the Lunar New Year celebrations to cater to Chinese visitors to London.