640 million pounds in West End, 640 million pounds in sales last year due to the removal of tax -exiled shopping for international visitors, was absent, according to a new research.
The new West End numbers, which represent companies in the region, reveals that the incoming revenues from tourism spending increased from 400 million pounds in 2023, highlighting the continuous impact of changing government policy.
Analysts noted that while spending by UK consumers decreased in West Inter by 2.2 percent during the trading period of the main holidays in November to December, international visitors' spending increased by 3.5 percent. The batch was largely driven by a strong request from German, American and Saudis tourists.
West End Company was cited data from Global Blue, a tax -exempt shopping consultant, which showed that sales inside the store in Europe increased by 16 percent in November and 20 percent in December. Unlike the United Kingdom, most European countries offer to 20 percent of tax exemptions on purchases, stimulating higher spending and giving the continent a competitive advantage over London.
The conservative government canceled tax -exiled shopping for international visitors in January 2021, on the pretext that the decision will not have “any major economic implications.” However, the latest figures indicate the opposite, as West End warned that London is losing in front of competing shopping destinations in Paris, Milan and Madrid.
“International spending is still lower than prenatal levels, the lack of the United Kingdom of a strong tourism strategy and the removal of free -added shopping shopping has placed London in a competitive position against major European cities, recovery and growth.”
They added that although spending on local consumers remains under pressure, international visitors represent an unexploited opportunity for economic growth. “In the face of the continuous pressure on local spending, the policy environment must quickly develop to support business stability and calm growth.”
Despite the weak consumer spending over the past two years, modern data from the British Federation and KPMG indicate a possible transformation, as retail sales have increased by 2.6 percent in January – the largest increase in nearly two years. Separate research from Barclays found that spending on unnecessary goods increased by 2.7 percent, with a strong demand for health and beauty products.
De Corsy, CEO of New West End, warned that economic uncertainty and lack of government measures still hinder growth. “The challenging of the economic and self -deficient winds of politics hinders us. International visitors yearn for spending at a time when local spending decreases, but without a strong tourism strategy, we lose our European competitors.”