As the region continues its drive to boost tourism, it will surely have cast eyes on a report out today which suggests that spending on retail, hospitality and leisure is set to rocket in the next few years.
According to a new report from Barclays, independently commissioned for Barclays’ Retail and Hospitality Leisure banking teams, as overseas visitors flock to the UK over the next few years, spending from foreign tourists is predicted to reach over £27 billion by 2017, an increase of 34% on 2013.
The authors state that rapid growth in spend among tourists from emerging economies will be further boosted by loosening visa restrictions, and overseas visitors will deliver a significant boost to the economy this year and beyond.
Foreign tourists will contribute £1.2 billion to the north west economy annually by 2017 a rise of twenty six per cent.Spending by Chinese tourists in the North West will increase by seventy three per cent in the next four years while tourists from the UAE and Switzerland will enter the top ten North West spenders’ league table in the same period.
Michael Hartig, Managing Director, Barclays Corporate Banking in the North West, commented: “Opportunities abound for both retailers and the leisure industry to capitalise on these growing tourist numbers and spend. Businesses putting in the time and effort to understand their client demographic and to talk to their audience through whatever channels they use, be it social media or more traditional, will carve out an advantage that will enable them to offer something more tailored for each nationality that visits our shores.
“With a plethora of major retail destinations on offer, from designer outlets to major shopping centres such as Manchester City Centre, The Trafford Centre, Liverpool One and Cheshire Oaks, it is perhaps no surprise that retail represents one of the most important aspects of the North West’s tourism industry. For these retailers, it is also worth considering that British-made goods remain popular amongst overseas consumers and so it would be time well-spent evaluating how they market their products to audiences from overseas eager to snap up ‘Brand Britain’.”
The sectors that will benefit extensively from this rise in tourist spending are undoubtedly the retail, leisure and hospitality sectors, with both expected to boom. Other opportunities for the North West’s retail sector will be the frequent high-profile events and festivals taking place in the region’s towns and cities. For example, Liverpool’s International Festival for Business, held throughout June and July this year, should attract visitors from across the UK and beyond.
Richard Lowe,
