Overseas visitors to Britain are predicted to spend a record £26.6b in 2020, a 6.6% increase on the expected £25b in 2019, according to national tourism agency VisitBritain/VisitEngland.
The UK is also expected to receive more overseas visitors that ever in 2020, with 39.7 million people forecast to travel to the country this year, a 2.9% increase on 2019.
August 2019 recorded the highest number of both inbound visits to the UK and overseas visitor spending for any month on record, with 4.1 million visits - up 7% on August 2018.
British Tourist Authority chairman Steve Ridgway, said: "These figures are testament to Britain's success in competing for international visitors and their spending. Inbound tourism today is the UK's third largest service export, an industry that needs no trade deals to thrive and that creates jobs and drives economic growth right across the country. We are already competing strongly and forecasting continued growth this year from our most valuable visitor source markets such as the USA and in markets that are crucial for our future including China."
"If you include domestic tourism the industry is worth £127b, employing 3.1 million in every part of the country. For every 22 inbound visits from China, for example, one job is created in Britain's tourism industry."
VisitBritain/VisitEngland figures revealed domestic tourism accounted for almost 80% of tourist activity, with about £72b spent per year by tourists in England.