We may be feeling the effects of a rough economy here....but for Americans who travel abroad...it's time to shop!
Sheila Macvicar reports on how a once depressed dollar is gaining strength overseas.
Think back to the summer, when the dollar was deep, deep, deep in the doldrums.
What a difference a few months makes.
Jesse Jones of Woodstock, New York says, “It's much easier to be here, much more affordable and we're just having a wonderful time.”
A side benefit of the global credit crisis, a stronger dollar...trading now at rates against the pound and the euro unseen for two years. Last July, a cup of coffee would have set you back an eye-watering seven dollars and seventy five cents. It's now a much more 'reasonable' six bucks.
In 2008, American visitors to London dropped by nearly ten percent and to Paris, by twenty percent.
Paul Roll of the Paris Tourism Bureau says, “This is the dollar. The dollar with the impact that the dollar has had and the impact that it has had globally.”
At a time of continuing economic uncertainty, analysts say the dollar will continue to benefit and so will the tourists. Slowly, Americans are now returning to vacation in Europe...a little more cautious with their pocketbooks perhaps.
Henk Potts of Barclays Wealth Management says, “We believe we’ll continue to see the strengthening dollar for the next year. It will be a lot cheaper for them to come here. So they can enjoy Paris, enjoy London, they can go to the restaurants and perhaps have an extra glass of wine in Paris that they simply wouldn’t have been able to afford two years ago. “
Not quite happy days, but certainly, a little good news.