UK youngsters push the country to rank second as global shoppers

Thursday, July 28, 2022

The UK youngsters are buying across Europe which has made the UK rank second from its previous position of fifth among global shoppers. The clear sky combined with the appetite to shop tax-free is driving the younger generation towards partying. It is becoming a tunnel for promoting businesses like integrated software, payment, and technology solution.

Planet’s latest Intelligence report has stated that the UK is making significant development as shoppers and consumers.

Since 1st January 2021, UK residents have been enjoying VAT (value added tax) refunds. The UK residents can claim the VAT returns for up to 19%. The incentives are continuing to drive the consumers to bend toward Spain, France, Italy and Spain. However, the UK is spending the most in France, about 45%.

Surprisingly, it is the young generation of the UK who are playing a big part. Gen Z has covered 30% of the total sales amongst UK consumers. Till May they have covered 23%. However, gen Y is the biggest spending age, group now. They account for 34% of UK sales. They also account for 41% of other non-EU sales.

Many entrepreneurs are saying that Gen Z is making a shift in the entire buying behaviour. The customer group is also extremely loyal. About 43% of young adults have made it to the English Channel to the French Capital. They have spent 1852 pounds on average per transaction. It is about 78% more than the peers from other countries.

There are some countries that are benefitting from summer travel more than other countries. The UK, Germany and Belgium are rather lagging. Overall hotel payment growth has slowed down in June after already slackening slightly in May. However, Portugal still recovers somewhat close to the pre-pandemic level. Arrival projections by some countries have marked slowed down of outbound travel from the US. Travel to Asia is also going to be significantly low. Brazil and the UK are likely to pick up significantly all through September.

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