London: While the prospect of Brexit is weighing on much of the British economy, tourism and luxury goods businesses are cashing in on bargain-hungry visitors lured by the slide in the pound.
London?s tourism agency says sales of goods eligible for sales-tax exemption have gone up by a third since the Brexit vote in June, which sent the pound sterling plunging against theeuro and dollar.
?We calculated that over the last four months it?s been about 12% cheaper for Europeans to come and shop here,? said Chris Gottlieb, head of leisure marketing at the agency London & Partners.
The pound is now at 1.17 euros compared with 1.3 euros before the shock vote to leave the European Union, while it has also fallen to US$1.25 from US$1.49.
The result is that London has become the cheapest city for luxury goods shopping in the world in dollar terms, according to a study by Deloitte. ?GOING TO SPEND MUCH MORE?
In tourist areas, the effects are evident.
?We?re going to spend much more money than we planned to,? said Radostina Nonova, a Bulgarian tourist, laughing as she lugged her bags on Carnaby Street – in the heart of London?s shopping district.
?We didn?t plan to shop too much but it?s obvious that the prices are very good for us.
?So we shop and we can afford to eat and drink outside. That was not possible years ago,? she said.
French tourist Christophe Disic said he did not come just because the pound was low but ?when we changed our money we realised we had a few more p...