International shoppers are taking advantage of the fall in the value of the British Pound and snapping up bargains at UK online shops which deliver worldwide. Low Sterling means that shoppers with other currencies, such as Dollars, can buy UK goods more cheaply as thy can exchange more money to the Pound.
MyInternationalShopping.com has seen a steady increase in visitors to the website from overseas shoppers looking for bargains at UK online shops and retailers.
At the same time analysis by UBS of data from the tax refund company Global Blue showed spending by foreigners on items for which buyers seek tax refunds surged more than 36% in August in the U.K., compared with this time last year.
Luxury goods in the UK cheaper to the rest of the world.
Luxury items such as Louis Vuitton bags and high end fashion have seen have suddenly become cheaper in the UK compared to the rest of the world. This has sparked an increase in visitors to the UK for shopping and also a rise in shoppers sitting at home browsing and shopping at UK retailers and stores.
Reports of Chinese tourists bulk buying luxury goods are starting to spread as they take advantage of their new found wealth and the reduction in relative prices in the UK post Brexit to snap up bargains for themselves to to resell on the grey market back home.
The reason for the huge and relentless fall in the value of the UK currency known as the British Pound is because of the referendum vote that decided that the UK should leave the EU, known as the Brexit vote. It is looking increasingly likely that the UK will suffer a hard Brexit which could wipe Billions off the value of the British economy, and this is causing currency speculators and people to sell the Pound which means it decreases in value.
What does it mean for UK international shoppers?
On the flip side of this, of course, shopping in other countries is more expensive to shoppers in the UK.
But while it lasts there is a good opportunity for overseas shoppers to enjoy buying quality, fashionable and cheap UK shopping. Remember that many UK retailers offer free worldwide shipping to many destinations around the world.