Weak Dollar is Bringing more Europeans to the US

  • 16 years ago
  • Uncategorized

The United States Department of Commerce released 2007 tourism figures and it is clear that the weak US dollar is bringing more people from overseas to the country. In 2007 there were an estimated 23.2 million visits from outside North America to the US, up almost 7% from 2006. The largest place of origin for visitors was Western Europe, where the strong Euro and UK Pound are having a big impact.
At the end of the day on February 28, the Euro was trading above 1.5 dollars, an all-time record for the European currency. The ability of Europeans to visit the US and buy at huge discounts has helped spur the increased trade. As the Euro and Pound rose to near-record highs in November and December, many people were coming across the Atlantic just to do some holiday shopping.
The desire to shop at some of the best and trendiest retail stores made New York City the most popular destination in the country. According to the USA Today newspaper, New York experienced a 22% rise in visits from outside of North America. With relatively easy access to European cities with two major international airports (JFK and Newark), New York is an easy trip for many. This is particularly true for those who just want to come for short time, buy as many gifts as possible and head back home. Of course, those visitors tend to miss many of the renowned cultural activities in the city, such as museums, Broadway shows and sporting events.
Another area that has benefited from the low dollar is the traditional US holiday spot of South Florida. Home to Disney World, Epcot, Universal Studios, SeaWorld and of course the beaches, many visitors opted to head here for some fun in the sun. According to Nikki Grossman, CEO of the Greater Fort Lauderdale Convention and Visitors Bureau, visits to the area were up 7% from 2006 from overseas visitors.
Another attraction is low priced Florida real estate with numerous homes for sale it is a real buyers market. Nicholas Marr CEO overseas property portal “some of our UK buyers who planned to buy in Florida are now able to buy bigger properties with smaller budgets. One buyer described the situation as being like a child in a sweet shop so many bargains that he did not know where to start’
With great skiing in the west and northeast, fun and beaches in the south and shopping in the cities, it is a great time to visit the US for Europeans.
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