International tax free shopping data for London Luxury Quarter, which covers Mayfair, St James’s and Piccadilly, shows growth of 39% in the period. In addition, Russian visitors’ tax free shopping spend increased by 88% in March while American spend grew by 116% year-on-year.
Recent economic pressures and rising political tension in Russia has led to a long-term decline in Russian luxury spend. However, March recorded the highest growth in international tax free spend by Russian visitors in London Luxury Quarter in more than two years.
The London Luxury Quarter said the increase was partially due to the centenary of the Russian Revolution prompting art exhibitions and events across London, which has encouraged Russian travellers to visit.
Meanwhile, American visitors accounted for 11% of London Luxury Quarter’s international tax…