Reports said that Brexit will be both good and bad for China, but for online shopper's at least, the "leave" verdict only means great news. (Photo : Getty Images)
Uncertainties hover in the air following the United Kingdom's decision to leave the European Union, but there is at least one segment happily browsing behind their computers after the so-called Brexit: overseas online shoppers.
The U.K. currency recorded its lowest level in more than 30 years on June 24, Friday, tumbling 13 percent on the back of the U.K.'s referendum vote to quit from the EU.
The pound's plunge lured many overseas buyers to purchase U.K. products that now come with cheaper price tags.
In China, the U.K. currency fell by about 10 percent versus the renminbi.
China-based e-commerce site ymatou.com said that its sales of European goods have doubled after the U.K. referendum.
"Shopping malls in Europe are now holding their annual summer sales. Combined with the fall in the pound, it couldn't be a better time to buy British products," the company told China Daily in an interview.
Luxury products priced between 4,000 and 6,000 yuan have the highest demand on ymatou.com.
China Daily noted that roughly 70 percent of online shoppers purchased high-end bags. One standout splurge was a Hermes Kelly bag that costs 98,000 yuan.
Chinese buyers are also searching more for cross-border shopping agents amid the fall of the pound.
According to the Baidu Index, local searches for "U.K. dai gou" jumped 175 percent within a span of four days starting June 17. It peaked on June 24, just in time to the announcement of the voting's results.
"The short-term fall in the pound is attracting more online shoppers to shift their attention from Japanese and Korean products to British ones," analyst Mo Daiqing told China Daily.
The situation is the same in other countries. In Abu Dhabi, shoppers are cashing in on the pound's slump, which likewise bodes well for the upcoming Eid holiday.
According to Gulf News Society, "shopping and travel websites based in the U.K. are expected to see heavy traffic from the UAE in the coming days as most are trying to cash in on the low exchange rates that have come down to Dh4.88 from around Dh6 per pound."
