Super-rich international shoppers flock to UK department stores
The UK is the second most popular shopping destination in the world for super-rich tourists, with visitors spending up to €35,000 each with luxury British retailers, according to the latest research.
Britain attracts 31 per cent of international “elite shoppers”, second only to France which took a 36 per cent share last year.
Super-rich visitors to the UK spend €35,000 on average – the highest average spend of all European countries.
Visitors from Gulf countries make up 30 per cent of the number of elite shoppers coming to the UK, with an average stay of 14 days compared to just three days in France or Italy, while Chinese tourists account for 27 per cent.
London’s luxury department stores – such as Selfridges, Harrods and Liberty – are a big draw for tourists from Gulf countries who make 85 per cent of their purchases there.
Meanwhile, 46 per cent of department store spend by the world’s wealthiest shoppers is on watches and jewellery, followed by 25 per cent on fashion items.
Global Blue UK managing director Derrick Hardman said: “The Elite shopper represents an important opportunity for UK stores, especially in the context of today’s retail challenges.
“Understanding how this audience behaves and what they value in the British shopping experience is key. With our detailed and unique insights, we support local retailers to help them benefit from this valuable market.”
Chinese shoppers account for the largest number of Elite shoppers globally, at nearly 40 per cent, followed by South East Asia at 15 per cent, the Gulf Countries at 14 per cent and the US and Russia, both at six per cent.
Elite shoppers made up 24 per cent of all tax free shopping in the UK last year, compared to a global average of 17 per cent.