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Department stores and designer outlets set to cash in during Golden Week
Prime shopping destinations in London and the South East could see spending by visiting Chinese shoppers surge by a third during this week's Lunar New Year Golden Week holiday, according to a new report.
Payment processor Worldpay said its analysis of recent spending patterns by Far Eastern tourists suggests that department stores across London can expect a 30% increase in Chinese card transactions compared with average weekly transactions for the time of year.
Shopping malls could see an even bigger boost, with Westfield shopping centre likely to see Chinese shopper spending rise by 46%.
Meanwhile, the Bicester Village designer outlet is predicted to double the number of Chinese card transactions it processes during the week.
Dave Hobday, UK managing director, Worldpay, said: “The economic situation in China may be a little more complex than it was eighteen months ago, but the spending potential of China’s huge and growing middle class remains virtually untapped.
“Retailers looking to capitalise on the spending power of international visitors need to recognise that the customer journey often starts long before they set foot off the plane. We know that shoppers in the Far East tend to research and plan their purchases online before buying in-store.
“Forward-looking retailers are investing in technology to align their back-office systems and link their sales channels, helping them deliver a highly personalised, seamless experience when the customer crosses the threshold of their store.”