Ever since Britain's decision to leave the European Union so many things in the UK have gone awry; the pound sterling has dropped significantly, our Prime Minister has tendered his resignation and hate crime across the UK has risen by 60%. Another sector hit by the EU referendum result is the UK fashion industry, particularly the retail sector, as a result of the pound dropping tourists have seen this as the opportune time to purchase luxury goods on the cheap.
Tourists in the UK are currently balling out of control, snatching up Burberry trench coats, Harrods Stilton cheeses and Liberty scarves on the cheap according to the Business of Fashion. Speaking to the BoF, Eduardo Meylan, chief executive officer of Swiss watchmaker H. Moser & Cie, said:
"I wouldn’t be surprised to see Chinese and Middle Eastern tourists flocking to the UK as their purchasing value has increased. People are ready to travel to get a 5 to 10 to 20 percent discount."
20% discount off luxury goods, why the hell not? They say retail therapy is the best way to alleviate any anxieties or problems you're dealing with in real life [Editor’s note: It’s clearly not]. The drop in prices and the increased footfall will benefit the likes of Burberry as they’ve been struggling due to a decreasing demand in luxury goods.
According to HSBC analysts: "You only purchase luxury products for one reason: if you’re feeling good about yourself".
Tourists must be feeling pretty damn good right now.
