Listen Now: The Worth of the Dollar
The American dollar is dropping and tourists are reaping the benefits.
Since the start of the year major currencies including the euro, British pound and Chinese yuan are gaining ground against the dollar which has seen a drop between 9 and 13%. And while the drop came too late for people to book a cheaper vacation, those who were already heading our way are cashing in. Tourists to San Francisco and New York say they had come here planning to shop and found that they were able to stretch their budget and buy more than they had planned. They also noticed the cost of food and drink was lower than they had expected allowing them to splurge a bit more. And local cities aren’t complaining with tourism directors saying visitors are more likely to splurge on tours, tickets to shows and expensive restaurants.
According to the commerce department tourists spent $247 billion last year. That is $84 billion more than what Americans spent in other countries. Good news for our economy, bad news for your travel budget.
CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.