Now’s the time to head across the pond to take advantage of pond-size savings, including a Euro that’s worth about the same as a dollar
If you love a bargain, grab your credit card and head to the airport. The UK is on serious sale — as in Black Friday, doorbuster, and Blue Light Special sale.
With the British pound hitting record lows against the dollar, the cost for U.S. travelers has plummeted by more than 20 percent in the last six months. (The euro, too, has taken a dive and now stands at about 1:1 with the greenback.) Add that up over a long weekend shopping trip, and you can save big.
We’ll leave it to economists to explain the details, but while central bankers and currency traders sort through the news, this is the time to visit London, a notoriously pricey destination where travelers now can scoop up deals on hotels, meals, and luxury goods.
Save Big on Deluxe Hotels
First, your accommodations. London claims to have more five-star hotels than any other city in the world, and this is your chance to try one out.
A deluxe king room at the five-star Savoy Hotel that goes for around $852 a night right now would have cost $1,108 back in April — a savings of $256. Just be sure to pre-pay to lock in today’s rate. If you plan to visit London, say for the Chelsea Flower Show next May, you can save enough for all kinds of upgrades.
Dine in Style with Change to Spare
This is also a time to sample London’s high-end dining. With nearly 70 Michelin-star restaurants, including Alain Ducasse at The Dorchester and Restaurant Gordon Ramsay, you won’t have to settle for beans on toast.
Score Huge Savings on Luxury Goods
And then there’s the shopping.
If you found yourself admiring the fashion at Queen Elizabeth II’s funeral, you may want to snap up a hat from Philip Treacy, milliner to the royal family, suggests Marcia Sherrill, who runs the travel and shopping site Cool City Guides. Or perhaps it’s time for a bespoke or made-to-measure Saville Row suit.
Others may want to wander Bond Street, where retailers report Americans are scoring collectible Rolex, Cartier, and Patek Philippe watches at big savings. And you can always explore stores like Harrods with 330 departments spread over seven floors, or Selfridges, which boasts the world’s largest assortment of designer jeans (11,000 pairs).
But before you splurge, keep these details in mind:
- Don’t forget U.S. customs. Even if it’s a bargain, you typically must pay duty on purchases totaling over $800. (A family traveling together can combine their $800 exemptions, but you must have been overseas for at least 48 hours to qualify.) After that, it’s a 3% charge on the next $1,000, and then the additional rate varies based on the item.
- Be careful at the airport duty-free shop. Purchases there still count toward your exemption.
- When using a credit card, always choose to make your purchase in pounds, not dollars. This rookie error can cost you because credit card companies use an unfavorable exchange rate that will cut into your savings.
With that in mind, you’re ready to hop on over to Heathrow. Just remember to bring an extra suitcase.