Shoppers set to spend £1.7bn in West End ahead of bumper Christmas
Forecasts from the New West End Company suggest that sales in the area are expected to grow by 3.2% compared with last year.
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Your support makes all the difference.Shoppers are expected to spend £1.7 billion in central London in the run-up to Christmas this year as they shrug off pressure on household budgets, according to new data.
Fresh figures have indicated a that revival in spending by tourists will particularly boost the West End over the festive period.
Forecasts from the New West End Company – which represents 600 shops, hospitality firms and property owners around the West End – suggest that sales in the area are expected to grow by 3.2% compared with last year.
It said this would represent £1.7 billion worth of spending over November and December.
Dee Corsi, chief executive of the New West End Company, said it is “pleased to be forecasting year-on-year growth once again”.
It comes despite a rise in mortgage rates and rental costs after recent interest hikes, weighing on consumer budgets.
The latest data projected that domestic shoppers will be more cautious, with spending expected to grow by 1.6%.
However, an influx of international tourists to London amid the continued post-pandemic travel rebound means international spending is forecast to increase by 5.8%.
The research predicted that of the weekend of December 7-8 is likely to be the biggest spending period pre-Christmas, with consumers estimated to spend between £40-50 million in the district.
Ms Corsi said: “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.
“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.”