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The weak pound means savings of up to 20% on luxury goods like designer handbags, just in time for holiday shopping, Colliers International reports. And a strong dollar means American shoppers coming to the UK benefit the most.
For example, a Mulberry Bayswater handbag that retails at £950 now costs the equivalent of $1,168 whereas before the EU referendum, American buyers would have been effectively paying $1,463.
Chinese shoppers are also big winners, paying about 15% less for their UK goods.
Colliers’ report shows that the decrease in the value of the sterling has made the UK an even more attractive place to shop, and there has been a 44% bump in sales from non-EU overseas visitors since August.
Colliers International’s Paul Souber says London has always been one of the world’s greatest shopping meccas and this trend has been strengthened by the Americans and Chinese seeking discounts after the Brexit vote.
Americans remain the biggest international shoppers in the UK with a 74% increase in tourist purchase habits, year-on-year. Spending by Chinese visitors to the UK is up by 65% compared to the previous year.
The price differential will reduce in 2017, so international visitors should make the most of the exchange rate whilst it lasts.
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