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‘Recession vacation’ lifts West End
Emma Rowley09.11.09
West End shops are enjoying an early Christmas sales boom thanks to bonus-spending City bankers and tourists taking advantage of the weak pound.
Bargain-hunting Londoners have also started their festive shopping early and top fashion brands enjoyed a particularly buoyant October, retailers said.
Jace Tyrrell of the New West End Company, which represents shops in Oxford Street, Regent Street and Bond Street, said: "I think there's kind of a renewed optimism that people are spending, particularly in London.
"There's almost a feeling of 'recession vacation'. If you have got a job, a tracker mortgage, you have got money."
Thousands of visitors descended on Oxford Street, Regent Street and Bond Street this weekend.
Analysts said the West End benefits from the huge numbers of shoppers from overseas who are taking advantage of the weak pound.
An estimated 10million of the 40million shoppers in the West End in the lead-up to Christmas are expected to come from abroad. The number represents as much as a 10 per cent year-on-year increase, according to forecasters at Global Refund.
Visitors from the Middle East make up the largest proportion of international shoppers and their numbers are set to increase by 15 to 20 per cent.
Mr Tyrrell said: "The shops are really pulling out all the stops. It's a tough market but we are cautiously optimistic for a good Christmas."
Early Christmas shoppers in Oxford Street this weekend told the Standard they were taking advantage of sales and discounts.
Brad Collingwood, 23, a student from Bristol, said: "It's usually a mad rush on Christmas Eve for me. But people have started shopping. I think if people have got the money now to buy it and some of the shops have got deals and discounts, if you buy it early it's cheaper in the long run."
Tasnim Sardar, 41, a clothes shop owner from Aberdare in south Wales, said: "I normally buy one or two things in November. I'm definitely being more frugal this year. I've set a budget and I won't go over it. I like to have a look and touch things. I wish more people would do the same, because it's killing off the high street."
Manrutt Wongkaew, 30, a PhD student and part-time retail worker from Waterloo, said: "I think people still have the urge to buy but they think twice before they spend £300 on a jacket - they try to find good deals."
