Bargain hunters seeking to snag a Louis Vuitton handbag are flocking to London after the city was named as the cheapest location in the world to pick up the luxury accoutrement – courtesy of a post-Brexit crash in the value of the pound.
New research undertaken by Deloitte names the British capital as offering the best bang for your buck courtesy of the pound’s 17 per cent depreciation against the dollar since June, feeding through to a corresponding surge in the spending power of tourists.
It found that a Speedy 30 handbag was on sale in London for a bargain £645, equivalent to $802 – a shade less than the $850 the same bag fetches in Paris, the $970 it would cost in New York and the eye-watering $1,115 price tag in China.
Commenting on the trend Deloitte’s fashion and luxury lead Nick Pope told the BBC: “"The trend in luxury pricing in the UK is being driven mainly by the depression on the sterling - thus making the same item more affordable in the UK market than in any other major luxury market.
"People don't like paying more for the same product."
In consequence, tourism in the UK is experiencing something of a boom with 3.8 million overseas visitors traveling to these shores in July, a two per cent increase on the same month last year.