The world’s wealthiest shoppers – also known as ‘elite shoppers’ – are
spending an average of 35,000 euros in UK stores, the highest average spend
of all European countries, new research reveals.
Those same shoppers are spending an average of 55,000 euros during an
average of three international trips per year and across 12 different
transactions, according to the International Elite Shopper study by
tax-free shopping expert Global Blue.
The UK comes second in terms of the most popular shopping destination
worldwide for elite Shoppers, taking a 31 percent share of their traffic,
beaten only by France with 36 percent. They also account for 24 percent of
all tax-free shopping spend in the UK, versus a global average of 17
percent.
Globally, Chinese shoppers account for the largest number of elite
shoppers, at almost 40 percent, followed by South East Asia at 15 percent,
the Gulf Countries at 14 percent, and the US and Russia both at 6
percent.
In the UK, visitors from the Gulf Countries make up 30 percent of elite
shoppers, with Greater China second at 27 percent. Elite shoppers from the
Gulf Countries favour the UK as their preferred travel destination, with 75
percent visiting the country alone and spending approximately 14 days
there, compared to an average duration of just three days in France or
Italy.
They also prefer to shop at department stores, where they make 85
percent of their purchases. Global Blue referred to them as ‘Department
Store Advocates’, with 46 percent of them spending on watches and
jewellery, and 25 percent on fashion items.
The UK – and especially London – has long been a hotspot for global
luxury shoppers. In November, London’s New Bond Street was named the most
expensive street in Europe and the third most expensive street in the world
in terms of rent space, behind Causeway Bay in Hong Kong and Upper 5th
Avenue in New York.
Derrick Hardman, managing director of Global Blue UK, said in a
statement: “The elite shopper represents an important opportunity for UK
stores, especially in the context of today’s retail challenges.
Understanding how this audience behaves and what they value in the British
shopping experience is key. With our detailed and unique insights, we
support local retailers to help them benefit from this valuable market.”
Photo: Courtesy of Louis Vuitton, New Bond Street
store
