Foreign tourists drive Yorkshire boom
FOREIGN tourists are set to contribute £613m to the Yorkshire economy by 2017, an increase of 29% on 2013, according to a new report.
Barclays’ Tourist Dynamics report 2014 reveals that a combination of loosening visa restrictions and growing wealth among consumers in emerging economies such as China, is likely to drive significant growth in spend.
Some tough visa rules have been holding back Yorkshire’s potential to attract visitors from emerging markets such as China and the UAE. However with these rules relaxing, spend from Chinese tourists is set to nearly double to £50m by 2017. While the recession led to a decline in tourists from the US, American visitors were the highest spenders, contributing £45m to the local economy in 2013.
The report suggests US tourists will spend £58m in Yorkshire annually by 2017. India is expected to enter the top ten Yorkshire spenders’ league table by 2017, contributing £20m while Italian tourists will be pushed out by new entrants.
Debbie Mullen, Barclays head of Corporate Bank in Yorkshire, said: “There has never been a better time for retailers and the leisure industry to capitalise on visitors to Yorkshire with the Grand Depart in July and the influx of visitors this will bring to the region together with the legacy it will leave. The importance of businesses being able to market themselves to their different audiences cannot be overstated. Whether it’s engaging with in-flight publications, working with local tourist offices, promoting their business overseas or collaborating with other retailers and leisure operators in their local environment, the benefits of targeted profile-raising can make the difference. Yorkshire has beautiful landscapes, a strong cultural imprint together with brilliant retail and culinary hotspots making it a real ‘Go-to’ destination.”
Sectors that will benefit the most from the increase in tourism spending in Yorkshire are leisure and retail with both expected to boom. Retail is set to generate £183m from overseas tourists in 2017, an increase of 31% on 2013. Spending on hotels, eating out and attractions by overseas visitors to the region will rise 28% by 2017 to £355m.
