Record-low plummeting US dollar bringing in European tourists
The US travel industry has some good and bad news these days: The country had 1.5 million more visits from overseas last year. But a major reason was the weak US dollar luring more Europeans who see increased buying power.
The US dollar continued to fall this week compared to other major currencies in European trading, reaching a record low against the euro.
Last year, the US received an estimated 23.2 million visits from outside North America, up almost 7% from 2006, according to a US Department of Commerce estimate.
“Visits by Western Europeans, the largest source of visitors, were up 8% for the year,†says USA Today.
Nowhere in 2007 was the growth in overseas visits more evident than in New York City, which experienced a 22% rise in visitors from outside North America, according to its tourism agency, NYC & Co.
“Europeans flocked to the Big Apple especially during the fall when they realized they could shop at Barneys, Tiffany, Manolo Blahnik and other iconic stores at a discount because of the weakness of the dollar against the euro and British pound,†says the newspaper.
South Florida also benefited. Last year, it saw visits from abroad jump about 7% over 2006, according to Nikki Grossman, CEO of the Greater Fort Lauderdale Convention and Visitors Bureau.
The euro traded at $1.5043, up from $1.4967 this week.
Other dollar rates from the Associated Press
–106.43 Japanese yen, down from 107.26
–1.0693 Swiss francs, down from 1.0759
–0.9796 Canadian dollars, down from 0.9800
Report by David Wilkening
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