Weak Dollar Draws More European Visitors in 2007

Feb. 27, 2008 -- The USA received 1.5 million more visits from overseas last year than in 2006 as the weak U.S. dollar lured more Europeans interested in exercising their increased buying power.

Last year, the USA received an estimated 23.2 million visits from outside North America, up almost 7 percent from 2006, according to a U.S. Department of Commerce estimate.

Visits by Western Europeans, the largest source of visitors, were up 8 percent for the year, and the news Tuesday suggested they continue to have a strong motive for visiting the USA: record strength of the euro. The euro surged Tuesday to an all-time peak of $1.4982 before closing the trading day in New York at $1.4967.

Nowhere in 2007 was the growth in overseas visits more evident than in New York City, which experienced a 22 percent 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.

"They're still coming to shop," says Tiffany Townsend, a spokeswoman for NYC & Co.

South Florida also benefited. Last year, it saw visits from abroad jump about 7 percent over 2006, says Nikki Grossman, CEO of the Greater Fort Lauderdale Convention and Visitors Bureau. A main beneficiary: the sprawling Sawgrass Mills, an outlet mall outside Fort Lauderdale.

At Sawgrass, Europeans, Central Americans and South Americans have been accounting for a growing share of sales since 2003, she says. Last year, 48 percent of purchases at the mall were made with non-U.S. credit cards, Grossman says.

"Brits came to do their Christmas shopping. They bought suitcases, and they filled them," she says. "To them, it was like a free vacation."

For four years, Colorado ski resort Aspen/Snowmass has seen steady growth from Great Britain, the resort's second-largest market abroad. Last year saw about 10% annual growth, says David Perry, an executive at Aspen Skiing Co. British skiers are especially coveted because they're "spending relatively freely" when compared with domestic skiers, he says.