From USA Today:
Record numbers of Europeans are flocking to New York this fall — prime holiday shopping season — as the dollar sinks to new lows against the euro and British pound.
New York expects roughly 1 million western Europeans this month and December, 5% more than last year, says George Fertitta, CEO of tourism agency NYC & Co. Helping to boost Big Apple tourism: killer deals on merchandise because of an exchange rate that favors euros and pounds.
"A new class of Europeans are coming to America totally because of currency," says George Malkemus, president of luxury shoe retailer Manolo Blahnik USA.
Malkemus says he's selling more shoes from his Manhattan store than ever to Europeans despite there also being a London store. Shoppers can pay $600 for a pair of shoes that in London would cost the equivalent of $823.
Last week, the dollar sank to its lowest level ever against the euro, and to its lowest level against the pound in 26 years. One euro is worth $1.47. One pound is worth $2.06.
Foreigners also are snapping up U.S. real estate and could target U.S. companies if the dollar continues to erode, says Omer Esiner, a market analyst at currency trader Ruesch International.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment