In 2021, Britain will end its VAT retail export scheme, which refunds a large part of the 20 percent VAT for purchases made by foreign purchasers in the country. Due to this, Chinese tourists visiting Europe most likely won’t buy many luxury products in Britain anymore, as they often visit more than one country during their trips. This could lead to great opportunities for luxury brands and even tourist spots in the rest of Europe. Switzerland’s tourism authorities, for example, could team up with watch brands to promote trips to watchmaking regions.
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