- The UAE and Russia are set to break into the top ten nationalities to visit the UK by 2017
- Tourists from China alone will spend over £1 billion in 2017, up by 84% from 2013
- The retail sector is set to generate £9.3 billion from tourists in 2017, an increase of 36% from 2013
- Expenditure within the fashion retail sector will increase by 38% alone, to £5.8 billion
- Spending on hotels, eating out and attractions will rise by 33% to £14.7 billion in 2017.
Richard Lowe, Head of Retail & Wholesale, Barclays, commented: “Opportunities abound for both retailers and the leisure industry to capitalise on these growing tourist numbers and spend. Businesses putting in the time and effort to understand their client demographic and to talk to their audience through whatever channels they use, be it social media or more traditional, will carve out an advantage that will enable them to offer something more tailored for each nationality that visits our shores.
“For retailers, it is also worth considering that British-made goods remain popular amongst overseas consumers, so it would be time well-spent evaluating how they market their products to audiences from overseas eager to snap up ‘Brand Britain’.”