Wednesday, 9 June 2010

Croissants from Croyden? How savvy expats are sidestepping the weak pound

As the Euro continues to grow in strength against the pound, savvy expats are taking bargain hunting to the extreme according to the latest reports from The Guardian. It seems that a growing number of expats have began grabbing their groceries online at UK supermarkets and making use of specialist delivery firms to have these shipped to the continent.

While it seems that currently British expats living in France are the most likely to get their croissants from Croyden rather than Calais, the trend does seem to be spreading with Simon Goodenough, director of Sterling Shopping, a delivery firm based in Brackley, Northamptonshire recently receiving orders from as far away as Spain.

Whilst some may see this new development as nothing more than one of the lighter-hearted insights into the expat life, does it really point to a deeper issue of increasing financial pressure on British nationals living abroad? With many expats holding pensions or savings in sterling rather than euros, the weak pound has meant a 30% drop in spending power over the past 18 months. So are expats finally feeling the pinch and is the notion of “living like a king” now completely flawed?

Only time will tell but with the 2010 Expat Explorer survey assessing many of the financial pressures expats face, we should have some interesting insights to share soon. Keep your eyes peeled for our Expat Economics report scheduled for mid-summer.

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