“Rate trippers” to shop abroad this Christmas

2.2 million Brits will become “rate trippers” this Christmas, travelling abroad to do their Christmas shopping in order to take advantage of the strong pound and favourable exchange rates, according to new research1 from Cater Allen Private Bank.

Despite the new high speed rail link to Paris from Kings Cross St Pancras, three times as many Brits will be travelling to New York than to Paris to buy their festive gifts. 882,000 people will be taking advantage of the weaker dollar and shopping in New York, compared to just 230,000 who plan on purchasing in Paris in Euros.

Collectively these “rate trippers” are likely to spend the equivalent of £263 million on shopping abroad this Christmas. Other popular exotic Christmas shopping destinations include Sydney (395,000 people), Rome (295,000) and Hong Kong (192,000).

Men are twice as likely to escape the UK to do their Christmas shopping this year, with 1.5 million opting to head overseas compared with just 754,000 women.

Sally Ann Watts, Head of Marketing at Cater Allen, said: “Clearly the strong pound is having a real impact on shoppers and many are heading abroad to find a bargain this Christmas and take advantage of the favourable exchange rate with the US dollar in particular. If you witnessed the scenes on Oxford Street last weekend, you’ll also understand why more and more people are opting to head overseas to do their shopping this year!”