This week’s Chinese Golden Week holiday is anticipated to boost luxury spending in the UK.
While much of 2018 has been characterised by slow sales across London and the UK, insight from retail tourism expert, Global Blue, indicates that a positive shift in international spend may be on the way as the bi-annual Chinese holiday, ‘Golden Week’ (1-7 October) kicks off.
Every year retailers across the UK eagerly await Golden Week, a small window following London fashion week and pre-Christmas, which has long been established as the industry’s bumper season. Throughout the Golden Week period, wealthy Chinese shoppers traditionally flock to the UK and Europe to purchase new season luxury products from leather designer accessories to the latest fashion collections and high-end jewellery pieces.
To promote spend in store, Global Blue says luxury retailers should make their windows more appealing to Chinese visitors throughout October, including highlighting products specific to the Chinese market for both gifting and individual purchase, adding touches of China’s lucky colour red or introducing more Mandarin – from bilingual staff to small translations on name badges – in store.
Global Blue UK & Ireland managing director, Derrick Hardman, shares: “Golden Week is a major moment in the retail calendar as it drives an influx of affluent Chinese visitors to luxury retailers and hotels. Despite a difficult retail environment, our historical statistics reveal that spending from Chinese visitors has consistently increased every Golden Week (October) over the last two years and consequently, Golden Week should provide retailers with a much needed boost.”
“Chinese visitors remain incredibly important for UK’s retail and hospitality sectors, bringing a real boost to both businesses and the economy,” adds UK China Visitor Alliance chief executive, Brian Bickell. “UKCVA and its members have therefore made it their goal to ensure that these high-spending customers receive the best possible experience while visiting the UK.”
Although London has consistently been one of the most popular destinations for Chinese travellers, other parts of the UK as well as Ireland are becoming more appealing for Chinese visitors due to new of new flight routes and tax refund capabilities.