Brexit bargains: 5 ways Hongkongers can profit from pound’s plunge
There are bigger savings than ever to be had on Hong Kong prices by buying from Britain, a master’s study course is HK$20,000 cheaper – and how about a quick shopping trip to London? Can’t get time off? Look online for bargains
Sterling hit fresh 31-year lows this week following the June 23 Brexit vote in Britain, and many experts predict the currency will continue to fall in value. While it may not be such good news for the British, here are five ways Hongkongers can take advantage of the drop in the pound’s value against the Hong Kong dollar, from around HK$12 at the end of 2015 to HK$10.05 today (July 8).
1.There’s never been a better time to buy luxury goods from UK designers such as Stella McCartney, Alexander McQueen and Burberry. You can save 23 per cent on the price of a Burberry cashmere scarf (HK$6,500 on the brand’s Hong Kong website, but the equivalent of just HK$4,975 on its UK website). Or how about a signature Burberry silk trench coat (HK$21,000 in Hong Kong, £1,395 pound, or HK$14,020, in the UK)?.
2. You can grab bargains from other high-end shops as well, albeit with less significant discounts. An Emilie wallet from French fashion brand Louis Vuitton costs £275 in the UK, or about HK$2,760 – much cheaper than the market price of HK$3,950 in Hong Kong.
3. If you’re thinking about studying in the UK, whether for a bachelor’s or master’s degree, it is significantly cheaper than previously. The biggest savings are on master’s degree programmes, which take one to two years. International students paid an average of £12,390 a year for classroom-based programmes in 2014-15; Hong Kong students who enrolled last year paid an average of
HK$148,680. But today, Hong Kong students need pay HK$124,520 on average for the same programme in the 2016-17 academic year – a saving of more than HK$20,000.
4. Take a few days off and visit the UK. Deals vary depending on which airline you fly with. For example, if you could leave on Sunday, July 10 for London Heathrow, returning on Wednesday, July 13, a Cathay Pacific economy class ticket costs just £1,023.40 (HK$10,281) inclusive. Cathay’s discounted Fan Fares to London have previously been as low as HK$3,140 plus taxes and fees. Cathay launches Fan Fares on its website at 8am on Tuesdays.
5. For those who cannot leave Hong Kong, there are more web bargains to be had on shopping sites such as Amazon UK and Harrods. The dramatic fall in sterling, plus summer sale discounts, mean you’ll save the cost of international shipping on anything you buy and a lot more besides.