Foreign spending
26/06/2008
The Beijing Olympics and Ramadan and the US presidential election will all have a dramatic affect on foreign tourist spending in the UK this year.
Tax-free shopping specialist, Global Refund told retailers that the Chinese would defer their foreign travel until after the Beijing Olympics.
Last year Chinese tourist spending in the UK grew by 37%.
This year Global Refund predicts growth to be lower at around 13%.
With Ramadan falling earlier this year, Global Refund said it expected traditional Middle Eastern visitor spending in July and August to be consolidated and that Middle Eastern visitors would not re-enter the market until the end of September and the beginning of October.
US visitors to the UK declined by 13% last year due to the strength of the pound against the US dollar.
However Global Refund predicted that in 2008 there would be some bounce back although it will come late in the year as Americans do not tend to take holidays in the six month run up to a general election.
