London retailers get set for Golden Week
Londons premium retailers are getting ready for a potentially big influx of high spending visitors with the start of Chinese national holiday Golden Week on Wednesday.
Figures from payment processing company Worldpay show that last year’s Golden Week saw spending by Chinese visitors at London’s luxury retailers soar by 20.7% compared with the previous week. In addition, a record 70,000 transactions were made using Chinese cards.
The weekend of Golden Week is the peak shopping time for Chinese visitors with the average transaction value increasing by over 38% compared to the previous weekend, according to Worldpay’s figures.
Dave Hobday, managing director of Worldpay UK, said: “The Chinese love affair with luxury brands is well documented, and with London offering the world’s best shopping experience it’s no surprise that Chinese tourists have fallen in love with the city.
“Retailers are increasingly savvy and are doing all they can to get a share of these high-rolling tourists. High-end stores now have bi-lingual staff speaking Mandarin and offer dynamic currency conversion so Chinese visitors can easily do their shopping in Yuan. All of this, combined with tax-free shopping for Chinese tourists, makes London the go-to destination during Golden Week.”
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