Tourism and retail
Tourism has a huge impact on the London and national economies. London currently attracts around 19 million visitors per year, and is projected to attract over 40 million by 2025. Tourism creates 700,000 jobs in the capital and around £36 billion a year, or 12% of London’s GDP.
London is also a gateway to destinations around the whole of the UK, drawing in tourists who contribute £127 billion in gross value added (GVA) to the national economy. Tourism is two and a half times bigger than the automotive industry, a bigger exporter than the insurance sector and is growing faster than the digital sector. Tourism is also often the first step on the path to foreign investment and trade with other economies.
But we are going to be challenged over the coming years as the focus of the global economy continues to shift eastwards. London must make itself as attractive as possible to tourists, especially those from emerging markets. We work with members to tackle the barriers impeding UK tourism, promoting strategic interventions which will make a practical difference to the tourist experience.
Retail and hospitality are key to London’s draw as a tourism hotspot, both as a significant driver of jobs and growth and as a key draw for tourist spend, and the sectors must be agile to navigate rapid changes. Our Retail Group regularly brings together members with policymakers to influence the issues of the day, while our ongoing work focuses on a number of key policies which will help London’s retail sector stand strong against a changing tide.
Contact Matthew Hill for further information
Download and read our publications on Tourism and retail.
- Reports (2 documents)
- Benchmarking London's Promotion - Executive Summary(PDF, 1.11MB, 26 November 2014)
- Benchmarking London's Promotion - Full Report(PDF, 2.73MB, 26 November 2014)