UK businesses benefit from soar in tourist spend
Overseas tourists spent 18% more in the UK last month, which is being attributed to sterling’s collapse following the EU referendum.
Worldpay, the country’s biggest payments processor, said visitors spent £643 million in June and predicted retailers would earn an extra £2.4 billion over the whole of the summer if the trend continues.
Spend by visitors from the Middle East was up by almost 60% in June, but this was due to Eid, marking the end of Ramadan, falling last month.
Luxury boutiques and department stores saw a 63% rise in sales following a rise in spend by US and Russian visitors.
Worldpay chief UK marketing officer James Frost said: "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 customers, retailers and tourist hotspots across the UK could make serious gains from the pound’s performance this summer."
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