But in the short term it might actually be a good thing, as Bloomberg reports that tourism seems set for a boom in the coming months, owing in large part to the purchasing power of foreign currency versus the newly devalued British pound:
We already know that Brexit is looking like a very bad thing for the UK’s fashion industry in the long term.
“I wouldn’t be surprised to see Chinese and Middle Eastern tourists flocking to the U.K. as their purchasing value has increased,” said Edouard Meylan, chief executive officer of Swiss watchmaker H. Moser & Cie. “People are ready to travel to get a 5 to 10 to 20 percent discount.”
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Twenty percent off a Burberry trench? Yeah, why the hell not! And this might actually be good for brands like Burberry, at least in the short term. The luxury market has been having a tough time of it lately, and an influx of newly motivated buyers could help boost flagging sales and stocks. Considering the fact that the Chinese buy more luxury goods than any other group, and usually do so overseas, this summer could be a big one for UK retailers.
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What Brexit Means for British Fashion Brands
Of course, all those pounds coming in will be worth less than they have been in 30 years. And the forecast for British fashion as a whole isn’t exactly sunny. But let’s not worry about that right now!
Shopping!
