Retail and tourism boosted by slump in the pound

According to the first official travel figures since the Brexit vote saw a drop in the pound and increased the cost of foreign holidays for British travellers, foreign visitors, including holidaymakers and those on business trips, spent 2 per cent more in July than a year ago at £1.79bn on a seasonally adjusted basis. UK visitors going overseas spent £3.55bn, down 1 per cent on a year earlier.

The Office for National Statistics said that whist British holidaymakers are having to suffer more expensive holidays, the tourism sector in the UK is benefitting from the pound’s post-referendum slump, which is also boosting the British department stores which have seen an increase in the number of luxury goods shoppers. We are also seeing a boost to the competitiveness of UK exporters with goods being cheaper overseas.

At Beavis Morgan, we have extensive experience of working with clients in the retail, hospitality and tourism sectors and our professionals are acknowledged experts in issues affecting organisations operating in this area. If you have a business idea or would like to discuss how we can help you improve business performance, contact Matthew Burge.