It has been a very tough year for London – not only has it been rated as having the worst hotels in Europe, it also lost its spot as one of the most expensive (and profitable) in Europe.
Of course, the people that benefit this most from this are people that don’t live in the UK. Prices in London are so low, that many Europeans are turning to the British Capital for its cheap shopping opportunities. The combination of a weak Pound and ultra cheap airfare is sending 100’s of planeloads of Europeans to London each day.
With plane tickets being sold for as little as $1 (Thanks Ryanair!), it can be cheaper to fly to London, than to load up the car and drive to many traditional shopping destinations. The Dutch used to drive to German Christmas markets to do some shopping, but now many of them head to the nearest airport and spend the day walking up and down Oxford Street.
Five years ago, one Pound would cost about one and a half Euros – at the current exchange rate, they are almost on parity with each other. Combine this with stores offering steep discounts, and you have a country that has become one big outlet mall. Items that cost EUR1500 in Europe, are selling for GBP450.