Twitter
Facebook
Linked In
RSS
Login or Register
New to InternetRetailing?
Register Now
Internet Retailing
You are in: > Home > Themes > Payment

This is your 1 complimentary article for this month

Become a member for unlimited and immediate access.


Register
Already a member? Log in here

Research reveals fall in sterling could see Chinese citizens buying more British goods online and making more visits to the UK

Linked InTwitterFacebookeCard
Chinese mobile, online and tourist shoppers are set to take advantage of weak Stirling
Chinese mobile, online and tourist shoppers are set to take advantage of weak Stirling
Sharelines

A weak pound could be a a huge boost for UK online and High Street retailers as research shows Chinese spending boom taking shape

New research from JGOO, a next generation mobile payments platform, reveals the fall in Sterling seen in the three years since the Brexit vote could see a surge in Chinese shoppers buying British goods online and visiting the UK.

 

JGOO’s research with Chinese citizens reveals that of those currently buying British goods online, 85% intend to purchase more because of Sterling’s fall in value. 15% intend to increase their expenditure here by over 10%, and 4% plan to spend over 20% more.

 

There is also good news for UK bricks and mortar stores, with the UK likely to also see a surge in Chinese tourists. JGOO’s findings reveal that 53% of Chinese shoppers are planning to visit the UK in the next 12 months said a key factor behind this is the fall in value of Sterling. Only 34% said this was not a primary reason for their planned visit (13% said they didn’t know).

 

Furthermore, of those planning to visit the UK, 88% think they will spend more as a result of the fall in the Pound. Nearly one in four (22%) anticipated that they will spend 11% or more as a result of this.

 

Analysis of industry data by JGOO also reveals Chinese shoppers made 391,380 visits to the UK in 2018, which was an increase of 16.09% on 2017. Last year, Chinese citizens spent £656.68 million when they visited the UK, spending on average £1,678 per visit.

 

Richard Morecroft, Director and Co-Founder of JGOO explains the growth opportunities for UK reatilers: “The UK and London in particular, remains a top destination for many Chinese travellers who prize British branded goods, as well as the quintessential British experience. Our research makes for exciting reading for the UK’s tourist industry and retailers. However, many are not geared up to sell in China, or have the necessary payment systems in place to commercially engage properly with Chinese consumers and tourists.”

 

He continues: “Given the pressures British businesses are under with Brexit and other challenges, more should be looking to see how they can engage with the second largest economy in the world and the biggest global tourist spenders. Chinese tourists account for around one fifth of the world’s total spending on tourism.”

 

Through its official partnerships with WeChat Pay and Alipay, JGOO provides brands with direct trading access to the Chinese market, connecting UK and European brands to Chinese shoppers and tourists. It not only provides a payments gateway for them to pay for British goods when visiting the country or when buying online via WeChat Pay and Alipay, it also has a team of Chinese nationals in the UK to help clients develop social media marketing campaigns via the WeChat platform – China’s most powerful marketing tool.

Linked InTwitterFacebookeCard

The InternetRetailing Newsletter

A curated update containing news analysis, reports, podcasts and opinion - completely free and delivered three times weekly

Become a Member

Create your own public-facing profile
Gain access to all Top500 research
Personalise your experience on IR.net
Internet Retailing
We are the magazine, portal and research source for European ecommerce and multichannel retail, hosting the board-level conversation for retailers, pureplays and brands across all of our platforms. Join the conversation.

© InternetRetailing Media

Latest Tweet

Internet Retailing
Tamebay
eDelivery
Twitter
Facebook
Linked In
Youtube
RSS
RSS
Youtube
Google
Linked In
Facebook
Twitter