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Pound Devaluation Boosts Tourism from North America

Pound Devaluation Boosts Tourism

UK tourism and hospitality have benefited from an increase in arrivals from North America as a consequence of Sterling devaluation following the June EU Referendum according to a recent study by STR and Tourism Economics.

Between July and October 2016, arrivals from North America were up 6.8% compared with the same period last year. In the pre-Brexit vote period from January to June, arrivals from North America increased at a more modest rate of +0.5%.

In contrast, arrivals from Europe have dropped slightly following the referendum, down 0.1% between July and October.

For the first 10 months of 2016, total international arrivals to the UK were up 1.7% to 31.4 million.

In the hospitality sector, hotels have shown mixed performance between London and the regions. For 2016, hotels in the regions recorded a 3.1% increase in revenue per available room compared to a 0.9% decline in London.

For 2017, occupancy and ADR growth in London will remain flat compared to an expected RevPar growth in the regions of 2% to 6% month to month throughout the year.

You can read more here.

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