Expat shoppers are cashing in on the slump in the pound by buying their favourite groceries and clothes online from British web sites.
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Online retailers have seen a massive spike in sales as the result of the plunging pound.
One major clothing retailer, ASOS, saw their web site crash.
The official reason is a power outage, although rumours suggest the devaluation of sterling after the Brexit vote meant margins were tightening against the amount paid for stock.
Since the Brexit result was announced on June 24, the value of the Pound has tumbled from $1.37 against the US dollar to $1.29 – the lowest exchange rate for more than three decades.
Over the same period, the value of the pound against the euro has fallen 1.30 to 1.16.
Devaluation makes shopping cheaper
This makes British goods much cheaper for expats.
Economic and financial events are sending shudders through markets, shaking their confidence in sterling.
Bank of England governor Mark Carney’s announcement that £150 billion is available for banks to lend to businesses and consumers to ease their finances.
Meanwhile, three big property funds worth close to £12 billion have suspended redemptions fearing a collapse in commercial property values.
According to news group Reuters, foreign exchange traders expect to see the pound fall to around $1.27 in the coming months.
Taste of home from Waitrose
Expats yearning for a taste of home can now order and ship food from top people’s supermarket Waitrose.
The partnership has linked with web site British Corner Shop to offer more than 2,000 products with the promise of more to come.
The retailer sent more than 4 million items to expats in 138 countries last year.
The web site offers more than 10,000 product lines from British brands.
“We know Waitrose will go down well with our British expat customers. Biscuits and household products are in demand, and the Waitrose Duchy Organic brand is often requested,” said managing director Mark Callaghan.
“Waitrose and British Corner Shop share a company value of championing British and we look forward to growing our relationship with Waitrose, and to exporting the brand to customers around the world.”
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