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According to reports, these can be seen as part of a broader strategy. The strategy came into effect at the end of the month, when British Prime Minister Theresa May sought to put more emphasis on inbound tourism, which already contributes 100 million pounds to the British economy every year, and launched a "Tourism Action Plan". China currently ranks as the UK’s most valuable inbound foreign tourist market. China is an important part of this plan, so the British Tourist Office has launched the "Welcome China" and "Enjoy the British Benefits" program in various parts of China. At the beginning of the event, VisitBritain entered into a four-week partnership with Hainan Airlines, which is part of HNA Group, and Chinese online travel agency Tuniu, aiming to provide convenience for Chinese tourists to travel to the UK. These include an initiative to allow Chinese tourists to apply for two-year, multiple-entry tourist visas.
Sally Balcombe, CEO of VisitBritain, said: &The UK is currently providing great value to Chinese tourists. In addition to developing more travel routes and increasing aircraft cabins to provide convenience for tourists to travel to the UK, we are also working with our partners to seek preferential deals in the tourism market and increase the services we provide to tourists. &r
VisitBritain is ambitious and plans to double the spending of Chinese tourists in the UK to 100 million pounds per year. Thanks to the pound's collapse, the strategy looks set to at least hold on for the rest of the year. The latest flight booking data from the Forward Guide travel information company shows that flight bookings from China to the UK increased by 3% from January to September compared with the same period last year.
According to the report, it is not just Chinese consumers who have benefited from the depreciation of the pound. British luxury brands are also benefiting from the Brexit vote, at least in the short term. Shares in clothing company Burberry have soared from around a four-year low of around 100 pounds a share before the Brexit referendum in 2016 to more than 100 pounds a share in this month. This increased the company's market value by more than £100m. In view of this, Deutsche Bank estimates that Burberry will also benefit from the fall in exchange rates for 1.3 billion pounds during the remainder of the current financial year.
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