Data suggests that £1.7 billion is set to be splashed out in the heart of London as shoppers apparently look past tightening purses, with central London retailers poised for a prosperous Christmas period. A spending revival spurred by tourists is anticipated to give the West End a particular lift during the festivities.
The New West End Company, representing 600 businesses in the retail and hospitality sector, has forecasted a merry 3.2 per cent bump in sales compared to the previous year throughout November and December, ringing in the £1.7 billion total. Dee Corsi, the CEO at the helm of the New West End Company, welcomed the bright prospects, stating they’re “pleased to be forecasting year-on-year growth once again”.
Even as mortgage and rent hikes present hurdles for consumers, domestic spenders are predicted to up their outlay by 1.6 per cent, whereas international tourism is dialing up its expenditure by a heftier 5.8 per cent due to the ongoing travel resurgence post-pandemic. Analysts have circled the calendar on December 7-8 as the potential height of pre-Christmas splurging, expecting anywhere from £40-50 million to flood the tills in just that weekend.
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(Image: Lucy North/PA)
Ms Corsi remarked: “International visitors, in particular, have been fundamental to the district’s recent performance – but much needs to be done to unlock this demographic’s full spending potential.”
She welcomed the announcement from the Mayor of London about a new ambitious vision for Oxford Street, which has the backing of the Deputy Prime Minister: “The Mayor of London’s announcement of an ambitious vision for Oxford Street, backed by the Deputy Prime Minister, is an encouraging first step.
“What we need now is a comprehensive, national tourism strategy that secures the inbound tourism economy and returns the UK to global competitiveness once and for all.”
Councillor Adam Hug, leader of Westminster City Council, said: “Across the West End, the buzz is back after the lean years of lockdown.
“On Oxford Street, we have seen a steady conveyor belt of big-name retailers taking up space and the demise of the little-lamented candy stores.
“As a local authority we have done our bit by making life hard for unscrupulous traders while supporting innovative ideas like pop-up stores for small companies.”
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