Chinese tourists are set to increase their spending in the region’s stores and hotels by a whopping 73% over the next three years, according to a new report.
Last month, it was revealed that Chinese tourists spend, on average, a massive £677 PER TRANSACTION in Manchester stores.
But new research on behalf of Barclays suggests that will be small change in the next few years with the £30million spent throughout the North West in 2013 set to rocket to £52million in 2017.
The report suggests that foreign tourism as a whole is fuelling the North West’s growth with spending set to rise to over £1.2bn annually by 2017.
Michael Hartig, Managing Director, Barclays Corporate Banking in the North West, said: “With a plethora of major retail destinations on offer, from designer outlets to major shopping centres such as Manchester City Centre, The Trafford Centre, Liverpool One and Cheshire Oaks, it is perhaps no surprise that retail represents one of the most important aspects of the North West’s tourism industry.
“For these retailers, it is also worth considering that British-made goods remain popular amongst overseas consumers and so it would be time well-spent evaluating how they market their products to audiences from overseas eager to snap up ‘Brand Britain’.”
The report also suggests that tourism from emerging economies will give the region another boost as visa restrictions are loosening leading to an increase in retail tourism.
Despite the rapid increase expected in spend from Chinese tourists, USA shoppers still remain the biggest spenders despite a decline in the number of visitors from the US due to the recession.
The forecast comes as Manchester Airport last month secured a deal with long haul carrier Cathay Pacific for direct flights to and from Hong Kong from December.
To accommodate the massive rise in retail tourism in the region, many shops across Manchester city centre and the Trafford Centre have now also installed China Union Pay chip and pin terminals making it possible to pay by Chinese credit card.
Jane Sharrocks, Heart of Manchester BID chairman and general manager at Selfridges Exchange Square, said: “International shoppers offer a big opportunity for our retailers and outside of London’s Luxury Quarter, Manchester city centre is home to more luxury brands than anywhere else in the UK.”
The nations forecast to be the top ten spenders across the region by 2017 are USA, Irish Republic, Germany, Australia, Spain, China, Switzerland, United Arab Emirates and France.
Picture courtesy of Style Raw, with thanks.
