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| | | | 14/10/2016 | Drapers, HARRIET BROWN - Falling pound makes UK world’s cheapest luxury market | | | | | UK world’s cheapest luxury market | | | | | The post-Brexit crash in the value of the pound means that the UK is now the cheapest market in the world for luxury goods, reported Drapers today.
Research from accountancy firm Deloitte found that prices of luxury goods in the UK were the cheapest around the world.
The analysis, which was conducted for the Wall Street Journal, looked at the prices of various luxury items in different markets, a Louis Vuitton handbag was found to retail for $802 (£657.5) in London, $850 (£696.8) in Paris, $970 (£795.2) in New York and $1,115 (£914) in China.
The weaker pound has already attracted an increased tourist spend to the UK, with Westfield Stratford reporting a 116% year-on-year surge in Chinese consumers visiting the centre.
Tax free tourist spend has also soared in London’s West End, jumping by 44% year on year as visitors take advantage of the favourable exchange rates. Chinese visitor spend in the shopping district was up 65% on August last year to an average of £1,453 per shopper.
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