Amidst the UK’s ongoing ban on VAT refunds for international visitors, tourist footfall remains a driving force in Britain, notably impacting shopper numbers in London’s West End on Boxing Day (26 December).
The New West End Company (NWEC) reported a significant 5% uptick in footfall on Tuesday compared to the previous year, closely trailing 2019 figures. This is a noteworthy achievement, considering West End footfall has consistently lagged behind pre-pandemic levels by double digits.
Bond Street emerged as a standout performer, experiencing an impressive 20% year-on-year surge in footfall on Boxing Day and an extraordinary 34% spike compared to 2019. These substantial increases are attributed to recent area developments and the unveiling of ultra-luxury and supersized flagship stores in the post-pandemic era.
Expanding the scope to the broader West End, NWEC, the representative body for local businesses, highlighted early indications of robust consumer spending in December, predominantly fueled by international visitors. The district maintained its momentum throughout the month, registering a 20% growth in footfall compared to November and a 6% increase compared to December last year.
NWEC emphasized that international shoppers have assumed a central role in driving growth, surpassing domestic spending since the Black Friday weekend. The notable surge in footfall on December 26, particularly on Bond Street, hints at a potentially lucrative Boxing Day, with overseas shoppers maximizing their West End experience. Preliminary reports from retailers suggest a robust festive trading period, buoyed by increased sales to international customers and higher average transaction values.
Dee Corsi, NWEC Chief Executive, praised «the vibrancy of the district at Christmas-time,» underscoring the West End’s status as a premier retail and leisure destination. While acknowledging the existing ban on tax-free shopping for tourists, Corsi urged the government to conduct an independent review, aligning the UK with Continental Europe.
She lamented the impact of the cost-of-living crisis, stating it «is squeezing domestic spending and dampening consumer confidence,» intensifying West End retailers’ reliance on international spending.
