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24/08/2016
Politics, Blackbox Briefings

Singaporeans Hold Mixed Views On Brexit, But Falling Pound Makes Blighty an Attractive Travel Destination

New data shows that tourists are flocking to the UK, taking advantage of the steep 15+% decline in Sterling. Global Blue registered a year-on-year increase of 7% in July tax-free spending, whilst Tourism Alliance expects an increase of 18% in annual foreign visitor numbers to the UK. Joe Grice, Chief Economic Advisor to the British Office of National Statistics (ONS) believes that the weaker pound has led to a jump in foreign visitor spending. “There is… anecdotal evidence from respondents suggesting the weaker pound has encouraged overseas visitors to spend.”Blackbox’s latest findings show that a portion of this increase could be directly attributable to Singapore.

Singaporeans say that the prospect of a more attractive exchange rate makes them more likely to visit the UK in the next 12 months. Blackbox’s findings show that trips to the UK from Singapore could double in the next year:

  • 11% of adult Singaporeans said they already have plans to visit the UK in the next 12 months
  • 9% said they will now definitely visit if the exchange rate stays favourable
  • 20% said they will seriously consider visiting the UK if the exchange rate stays favourable
  • 60% have no plans or intentions to visit the UK

Despite the travel plans, Singaporeans views on Brexit were less cheery. In Blackbox’s recent monthly polling, findings show:

  • Less than one in four (24%) of Singaporeans think that the UK voters’ decision was the right one
  • Nearly half of all Singaporeans (46%) believe that Brexit will have little impact on Singapore, while 19% think it will have a positive impact and 35% think it will have a negative impact