Chinese New Year 2017: London to experience shopping 'gold rush' during Year of the Rooster celebrations

Department stores and luxury boutiques in the capital are expected to be the biggest beneficiaries of the Asian spending spree

Chinese Near Year is the longest national holiday in China and New Year's day is the most important date in the Chinese calendar (Getty)

Chinese visitors to the UK could spend over £11m in London over the next week alone, as they visit the capital to celebrate the start of the year of the rooster, according to global payment provider Worldpay.

Department stores and luxury boutiques in the capital are expected to be the biggest beneficiaries of the Asian spending spree, Worldpay, which provides businesses with the technology to accept card payments, said.

The weak pound has made London a particularly attractive spending destination. Figures by Worldpay published earlier this month already showed that spending by Chinese visitors had increased by 24 per cent year-on-year over the Christmas period.

Further underscoring the appeal of London, the UK government is continuing to relax visa restrictions for Chinese visitors.

“As the Chinese New Year is seen in across the world, it looks as though Britain’s businesses are set for a Golden Week ‘gold rush’,” said James Frost, chief marketing officer for Worldpay in the UK.

The pound has endured a battering since June’s shock Brexit vote, depreciating around 18 per cent since the referendum despite some recent respite.

As a result, tourists who earn a living in other currencies have in effect been able to buy British goods at much lower prices than if sterling had remained stable.

In addition to retailers, though, Worldpay said that museums, art galleries and other cultural attractions would likely also enjoy an influx of spending from foreigners—and especially Chinese-- to the tune of 27 per cent over the next week.

Bars and restaurants all over the country could see takings from Chinese tourists increase by more than half as New Year celebrations get underway, Worldpay predicts.