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New Analysis by London First Shows How £13Bn Is Generated by International Tourists across London

Tourism to boroughs outside the central London core supports over £3bn GVA and 70,000 jobs.

Release time : 2019-05-13 10:33:31
source : London & Partners

Tourism to boroughs outside the central London core supports over £3bn GVA and 70,000 jobs.

The first borough-by-borough analysis of the impact of international visitor spending in London, by the business campaign group London First - in partnership with Airbnb, Mastercard and EY - has revealed that it’s not just Big Ben, the London Eye and Madame Tussauds that bring in the tourist pound. The London economy receives £13bn gross value added (GVA) from overseas tourism, with a fifth of spending now taking place in 19 boroughs outside central London.

London

Source: 699pic.com

A new report out today (Thursday), ‘Tourist Information: Mapping the local value of international visitors’, from London First and EY, based on insights from Mastercard and Airbnb data, reveals that £2.8bn is being spent each year around TfL fare zones 2-3, in a “halo zone” of boroughs including Tower Hamlets, Islington, Camden, Greenwich and Hackney.

Produced using insights derived from aggregated and anonymous merchant transaction data provided by Mastercard, aggregated and anonymised data on accommodation provided by Airbnb and economic analysis by EY, the report creates a unique, borough-by-borough visualisation of the spending and travel trends of London’s international visitors.

International tourism is vital to London - strengthening the capital’s reputation as an open and welcoming city and contributing £13bn to the economy. The capital’s overall tourism industry (from both domestic and international visitors) is already responsible for 1 in 7 of all jobs and contributes £36 billion a year, according to publicly available data sources also included in the analysis.

The analysis reveals that growing international tourism in the “halo zone” by just 10% would generate an additional £268m to the London economy and create over six thousand new jobs. In addition, 70% of international visitors

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