As the start of London Fashion Week descends up the UK capital,
retailers start to prepare for the anticipated influx of international
shoppers, but according to Global Blue, retail tourism experts, the spend boost is
predicted to be higher than ever as the week coincides with the
Chinese New Year for the first time, running from February 19 to 24.
With China leading the way as the UK’s top international spend market,
representing 25 percent of the total tax free spend according to
Global Blue, the Chinese New Year has been highlighted as the most
popular travel period. UK retailers report a soar in spending from
Chinese shoppers each February, with spend averaging 739 pounds per
transaction on luxury fashion label, British designer brands, high-end
jewellery and watched, which can cost up to 30 percent less in the UK
due to high luxury taxes in effect in China. Global Blue predicts that
this year, the additional appeal of London Fashion Week during the
same period will push spend even higher and lure in shoppers not just
from China, but across the globe as well.
“London Fashion Week is an international event that attracts over
5,000 trade guests including press, buyers, photographers and
broadcasters from over 55 countries. Its consumer event Vodafone
London Fashion Weekend provides access to consumers wanting a Fashion
Week experience and is part of a city wide celebration that attracts
consumers not just from all over the UK, but from all four corners of
the globe who are keen to join the action and take home something
special from the world’s creative capital,” said Caroline Rush, CEO
British Fashion Council.
UK retailers set to cash in on influx of globe shoppers
UK retailers are keen to capitalise on the opportunity the combination
of events bring, with a number of them introducing tactical
promotional strategies to attract and accommodate the influx of
spenders. Global Blue has noted an increasing demand from the
industries top brands to use its services for further insights on
international shoppers needs to prepare their stores and staff to
satisfy their every need.
“February is consistently one of the top months for spend, led
primarily by Chinese shoppers over their New Year holiday, with
February 2014 seeing Chinese spend growth of 23 percent year-on-year,”
explains Gordon Clark, UK Country Manager at Global Blue. “As London
Fashion Week and Chinese New Year coincide for the first time, the
opportunity for UK retailers has doubled this year and they need to
make sure they are ready to maximise the potential. Tax Free services,
UnionPay terminals, translated marketing materials and cultural
training for staff, are all valuable services to entice globe shoppers
and increase spend in store.”
In addition to launching culturally aimed promotional strategies, a
handful of luxury brands are increasing their international appeal by
running events, launching limited edition collections, decorating
their stores and introducing special promotions to mark the
celebrations for the upcoming Year of the Sheep.
For example, British department store group Selfridges is set to
launch exclusive Chinese New Year gift cards, handed out inside lucky
red envelopes. They will also have an in-house calligrapher creating
uniquely designed cards, complimentary with any purchase made in The
Wonder Room. British heritage label Burberry has also taken on their
own expert who will be personalising envelopes with traditional
Chinese calligraphy, which will be complimentary with any Burberry
purchase.
Jo Leslie, China – UK Business Development Manager at VisitBritain,
added: “Shopping in Britain is seen around the world as a positive and
welcoming experience, and one of the things VisitBritain promotes to
encourage more Chinese visitors to visit our nations and regions.
Although the majority might come here to purchase designer goods at
Harrods, Selfridges or on the King’s Road, a huge number also make the
trip to seek out bargains, whether it’s finding the best deals on
designer goods at Bicester Village and the McArthurGlen Designer
Outlets. China is now the world’s largest outbound market, with
visitors to Britain already spending 500 million pounds. VisitBritain
has ambitious plans to double the value of that market by 2020.”
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