International shoppers boost UK retail
Written by Peter Walker
UK retailers have chalked up another month of sales gains to international shoppers, with tax free spend rising by nine per cent in July, compared with the same period last year.
This is according to data from international payments company Planet, which found that international shoppers spend approximately 3.7 times that of their domestic counterparts in Europe. It stated that this appetite for luxury goods, coupled with a growing propensity for international travel, suggests that the opportunity will only grow.
Retailers also felt the benefit of international spend across Europe more widely, with sales to international shoppers rising by 10 per cent.
Europe has long been a favourite among shoppers from big-spending nations such as China, Russia and the US, who are feeling the effects of a buoyant economy and strong dollar. However, this month saw signs that the global consumer base is diversifying, with sales to shoppers from South Korea rising by 20 per cent – more than any other visitor nation.
Emerging market nations also made waves in the UK, with India seeing a 18 per cent rise in sales this July – the highest monthly growth figure recorded by the nation this year. The Cricket World Cup drove spending from this rapidly growing source market, as shoppers from India flocked to the UK to celebrate their national sport.
“Retailers need to keep an eye on the horizon by recognising who their emerging audiences are,” commented David Perrotta, UK country manager at Planet. “While a growing global client base is great news, retailers need to ensure they are equipped to understand the nuances of increasingly varied consumers.”