Though many companies in the U.K. may be worried about the impact of Brexit when the country steps out of the European Union in 2019, there are some industries that are already seeing benefits. Local tourism is experiencing a sudden boon as a result of the falling value of the British pound.
Brexit’s Uncertainty Makes U.K. Tourism Affordable
The uncertainty regarding the impact to the country in 2019 has caused the value of the British pound to tumble. This may be hard on some U.K. companies, but tourists from overseas have found it very appealing as they can suddenly afford to purchase more local currency. The pound has fallen about 15 percent against a spectrum of other currencies.
Traditionally, the United Kingdom has been among the most expensive places for overseas visitors to travel. Now, they’re suddenly experiencing a meaningful discount to their vacation costs. After all, the pound is now stretching an average of 15 percent further than it had been before Brexit became a concern.
Euromonitor International travel experts call the U.K. the most popular destination for overseas travelers when measured by revenue generated.
Americans and Europeans Alike are Traveling to the U.K
“It’s been quite positive from European countries and from the U.S., all over,” said Encore Tickets head of sales, Jo Bachelor. That firm sells a fifth of all theatre tickets in London’s West End. Among those tickets, nearly one half (45 percent) are sold to travelers visiting from overseas.
Bachelor added that on the whole, sales to international consumers have risen by 8 percent ahead of budget for top name shows such as “Wicked,” “The Phantom of the Opera,” and “The Lion King.” Moreover, Bachelor believes that figure would have been greater had the London terror attacks not caused visitors to feel concerned over their security.
Overseas Visitors to the U.K. Have Spent 8 Percent More
Office for National Statistics data shows that August saw 5 percent year-over-year more overseas visitors to Great Britain. This brought the total number of overseas tourists to 3.9 million. Moreover, they spent 3 percent more that month, having dropped £2.8 billion pounds that month.
In 2017 so far, the data shows 8 percent more overseas visitors, for a total of 27.1 million tourists. Companies in the tourism industry have seen a 10 percent revenue increase this year, for a total of £16.4 billion pounds in the first three quarters.