The second quarter of 2017 saw a record number of tourists in Britain, according to the Office for National Statistics.
The recent report showed that 10.75 million foreign visitors visited the UK between April and June. This is eight percent more than the same period in 2016.
The increase in tourism comes following the fall in the value of the pound, following the Brexit vote. The weaker pound means the UK is a cheaper holiday destination.
Visitors from Europe were up three percent at 7.73 million. The number of tourists from the US was more of a dramatic increase; up 29 percent compared to 2016 at 1.47 million.
“The currency is in our favour. It might motivate more people to come.” said tourist agency VisitBritain’s director Patricia Yates.
“This continued growth demonstrates the industry’s increasing importance as a key driver of economic growth,” she added.
Not only is the number of visitors increasing, but the amount they spend.
“Very often people budget in their own currency. They’re getting more pounds for their money, and we can see their spend going up,” Yates said.
Since the referendum vote, the pound has fallen 16 percent against the euro and 23 percent against the US dollar.
Paul Hollingsworth of Capital Economics said: “There are some factors putting downward pressure on the pound, and some other things putting upward pressure on the euro,”
Downward pressures on sterling include: “Brexit and uncertainty about the UK’s future relationship with the EU, the economy… and the expectation for interest rates”.
Company’s in the UK are feeling the effects of the boost in tourism.
Hotel group Hilton (NYSE:HGV), who own 138 hotels in the UK, is planning to open 30 more due to the increase in tourism.
According to the group’s Europe, Middle East and Africa president, we are living through a “golden age of travel”.