As the pound hits 31-year lows, UK retailers continue to take advantage of the post-Brexit climate as international consumers flock to bag a Great British Bargain.
In the ten weeks following the referendum, growth in foreign card spend has increased by 5.8% compared to previous 10 week period. Whilst 6% of this growth increase was witnessed by traditional bricks and mortar retailers, online sales also jumped by 2% over the same period, according to the latest figures from Worldpay.
Worldpay’s data also shows an increase in average value transaction on foreign cards. Here online retailers have seen the biggest boost, with average basket values up by 15.7%, reaching £132.91. Meanwhile, foreign visitors to UK high street retailers spent an average of £45.61 per transaction, a rise of 14.7% compared to pre-Brexit spending.
“With overseas visitors looking to capitalise on the weaker pound, retailers up and down the country are set to benefit from a post-Brexit boom as a result of ongoing currency fluctuations,” explains Dave Hobday, UK Managing Director, Worldpay.
“There are clear opportunities for businesses to thrive in the post-referendum environment – the time is ripe to export, but it is vital that business owners take action. By continually investing to make their businesses more attractive to global customers, UK retailers could make serious gains from the pound’s performance. Careful, strategic thinking and a multi-channel approach will enable businesses to capitalise on the current demand for British products, and make their mark overseas.”
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