Brexit Sends Tourists Flocking to London to ‘Buy, Buy, Buy’ as Brits have delivered a potential windfall for tourists. Tourists eager to snatch up Burberry trenchcoats, Harrods Stilton and Liberty scarves on the cheap by Britain voting to leave the European Union are travelling in high numbers to the capital.

The outcome of Thursday’s referendum sent the British currency s plummeting downward, making the country’s goods and services cheaper for foreign buyers. Consumers reacted immediately.  Searches by Chinese for U.K. holidays “skyrocketed” on Ctrip.com International Ltd.’s travel booking app, the company said.  Chinese news site Phoenix implored visitors to London to “Buy, Buy, Buy” after the Brexit.

A slumping pound is a much-needed shot in the arm for U.K. luxury companies as the Chinese are the biggest buyers of high-end goods and make most of their purchases overseas. They made 270,000 trips to the U.K. last year, up 46 percent, according to tourism website VisitBritain. British Airways owner IAG SA said Tuesday that the weaker pound will boost tourist flows to the U.K.

“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.”

More visitors to the U.K. would be a boon for British companies such as Burberry Group Plc and Mulberry Group Plc that have struggled amid slowing luxury demand and terror attacks in Europe. The U.K. is the world’s sixth-largest market for luxury spending, at 15.5 billion euros ($17.2 billion). Britain’s gain could come at the expense of retailers in Japan, casinos in Macau and jewelers in Hong Kong.

‘Feeling Good’

Any short-term fall in the pound will affect the number of visitors to London, said Harrods managing director Michael Ward. But those benefits could take time to materialize as Chinese tourists sort out visas and book hotels, according to Ctrip.com. Some luxury companies may also raise U.K. prices if the pound’s weakness persists. And investors are bearish on what the EU referendum means for the broader sector, as reflected in sliding stock prices for France’s LVMH and Gucci owner Kering SA.

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