Spending by overseas visitors is set to grow by just over a third by 2017, according to a report commissioned by Barclays.
According to the Barclays’ Tourist Dynamics report 2014, over £27 billion will be spent in 2017, an increase of 34% on 2013.
The report says rapid growth in tourism spend from emerging economies like China and Russia will be further boosted by loosening visa restrictions, with Chinese tourists spending £1bn, an increase of 84% from 2013.
Meanwhile, Russia and UAE will enter top 10 UK spenders’ league table by 2017, pushing out Canada and the Netherlands.
But visitors from the US currently, followed by France and Germany, will continue to be the biggest spenders.
Mike Saul, head of hospitality and leisure at Barclays, said: "The lifting of visa restrictions presents a huge opportunity and so the importance of how operators 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."
When split down by sector, the report forecast that spending on hotels, eating out and attractions will rise by 33% to £14.7 billion in 2017.
Overseas visitors are set to spend £5.3 billion on eating out by 2017, up by 34%, with spend on leisure attractions increasing by 32% to £2 billion, and hotel accommodation attracting £7.3 billion in spend by 2017, an increase of 33%.
Top 10 foreign nationalities’ spend:
