U.S. Dollar: Play Money for Tourists
November 28th, 2006Welcome to the United States of Tijuana! Well, not quite. Mexicans actually make lots of the goods that they sell in TJ. How much of the crap being sold to tourists in the U.S. is made in the U.S.? Uh…
Via: NY Post:
A depressed dollar is turning Fifth Avenue into a virtual flea market for global travelers as strong currencies like the British pound and the euro create a glut of great deals on fashions, electronics and hot status brands.
New York City is celebrating a record year from foreign tourists hitting town for weak dollar bargains – reaping savings of about one-third of what they’d spend back home.
Their bargain boom is fueled by the falling dollar, whose value in the past year is down 12 percent against the pound and off 10 percent against the euro, boosting foreign travelers’ purchasing power.
The dollar fell last week to its weakest level in 19 months, trading at $1.31 against the euro and at $1.93 against the pound. Analysts expect the greenback to slide as much as another 2 percent this week.
For the record 7.3 million foreign tourists expected to visit the Big Apple this year, the weak dollar is creating savings substantial enough to nearly pay for the trip itself.
