Following a successful summer period boosted by record Ramadan sales which saw a 70% increase on international spend at Westfield compared to the same period last year, Westfield London is expecting a busy tourist trade period with Chinese tourists visiting for Golden Week (1 – 7 October 2016).
China’s spend highlighted the nation as an increasingly important market with outbound luxury traveller spend increasing to $65,000 (£49,481) per household annually. China continues to be the biggest market at Westfield, increasing by over 20% in July 2016 compared to July 2015. According to Goldman Sach’s the Chinese market is expected to as much as double by 2020 as an increasing number of savvy international customers travel to London, with particular growth in younger travellers.
With changing consumer behaviour, Westfield retailers have noted throughout the year that Chinese tourists were bulk-buying designer items, with the average purchase now ten items against a previous average of just five; attributed to the weak pound. Louis Vuitton, Gucci and Burberry are also seeing strong custom from China, whilst handbags and accessories are the most popular items.
Over the course of summer 2016, increasing numbers footfall of Chinese travellers saw the following across Westfield’s London centres:
- In July, Chinese spend was up 16% YoY, with average spend up 23% YoY
- In August Chinese spend was up 53% YoY, with average spend up 35% YoY
Westfield Stratford City
- In July, Chinese spend was up 116% YoY, with average spend up 165% YoY
- In August, Chinese spend up 8% YoY
Westfield’s luxury village, beauty services and vast dining options will prove popular for Chinese tourists during October. High Street and designer retailers are also set to offer a selection of bespoke products, one-of-a-kind experiences and limited editions during Golden Week.
Myf Ryan, Westfield chief marketing officer UK & Europe, said: “International markets continue to be one of Westfield London’s most important, with sales from Middle Eastern and Asian regions continuously growing. The complete offer of designer and high street retail with enhanced customer service and dining ensures Westfield centres are popular tourist destinations in London.”
Tax free shopping is provided throughout the period, where across both the London and Stratford centres, staff will assist customers with the Tax Free Shopping process. Tax Refunds are additionally available with immediate effect at Westfield’s London’s ICE Bureau.