New research from JGOO – a next generation mobile payments platform, reveals the fall in Sterling in the past three years is encouraging Chinese citizens to buy more British goods online and make more visits to the UK.
The research revealed that of those currently buying British goods online, 85% intend to purchase more due to the weak pound with 15% increasing their expenditure by over 10%, and 4% planning to spend over 20%.
A weaker pound could also be a huge boost for UK brick and mortar stores as JGOO’s new findings reveal that 53% of Chinese shoppers are planning to visit the UK again in the next 12 months. Furthermore, 88% of Chinese visitors who are planning to visit the UK think they will spend more, with nearly 1 out of 4 (22%) anticipated that they will spend over 11%.
The analysis of industry data by JGOO has also revealed that in 2018, there were 391,380 visits to the UK by Chinese shoppers, which was an increase of 16% from 2017. In 2018, Chinese citizens spent £657 million when they visited the UK, spending on average £1,678 per visit.
Richard Morecroft, Director and Co-Founder of JGOO said, “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 tourism industry and retailers. However, many are not geared up to sell in China or have the necessary payments systems to commercially engage properly with Chinese consumers and tourist.
He continues: “Given the pressure 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 tourism spenders. Chinese tourists account for around one-fifth of the world’s total spending on tourism.”
Through JGOO’s official partnerships with WeChat and Alipay, JGOO provides brands with direct trading access to the Chinese market, connecting UK and European brands to Chinese shoppers and tourists. JGOO also provides a mobile payments gateway to pay for British goods when visiting the country or when buying online via WeChat Pay and Alipay.
A team of Chinese nationals is also available in the UK who can help clients develop their social media marketing campaigns via the WeChat platform – China’s most powerful marketing tool.
For more information about JGOO, please visit their website.