Chinese New Year set to give luxury retailers in London a sales boost

A throng of tourists in town to see in the year of the pig will help West End businesses boost sales, retail experts predicted on Monday on the eve of Chinese New Year.

New data from Global Blue, the tax refund payment firm, forecasts that international spend in the UK will rise 4% over the next 90 days, compared with a year ago. That will be led by high-spending Chinese shoppers in London, who on average fork out £919 per transaction.

Derrick Hardman, managing director UK and Ireland at Global Blue said: “Following a year of uncertainty amidst Brexit, it is comforting to see that visitors from outside the EU continue to value the UK as a great place to visit and shop.”

Chinatown landlord Shaftesbury said the celebrations this month here are the largest outside of China, and the firm will see “huge crowds” across its estate spending in shops and restaurants.

Luxury brands in the capital are also preparing for an influx of new shoppers. Accessories maker Radley has created a ‘If pigs could fly’ range, including £249 handbags. Boss Justin Stead said Chinese New Year is a “significant retail and business opportunity”. He added: “ Last year we had a terrific year with Chinese consumers here.”

Gucci and Louis Vuitton are also promoting pig-themed products.

Savile Row tailor Henry Poole’s managing director Simon Cundey said: “Chinese New Year has become an important part of our calendar year.”

Jace Tyrrell, boss of New West End Company, which represents 600 businesses in London, said: “With China predicted to make 100 million outbound journeys a year by 2020, they remain one of the West End’s top customers.”