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The Cheap America: Why Europeans Are Taking New York

August 11, 2008

Posted by Roshawn Watson under Uncategorized

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By: Roshawn Watson

Whether it’s in American bistros , Apple stores, Bloomingdales, or the trendy boutiques, you will find that Europeans are increasingly spending their money in America, especially New York City. That’s correct, right in the city with the greatest number of millionaires. As a recent New York Times article suggests, NYC is becoming the “Walmart of hip.” Perhaps the most interesting part of the influx of tourism is that those who are sucking up the NYC lifestyle are not the aristocratic Europeans but rather “commoners,” who are now able to afford the “enviable more expensive NYC lifestyles.” Visitors to New York this summer are expected to top last summer’s record numbers, increasing by 118,000 from last year’s 3.12 million visitors.

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The stimulus for this change is the declining value of the U.S. dollar. I guess the biggest pop culture clue to the sliding value of the U.S. dollar was when supermodel Gisele Bündchen refused to be paid in the American dollar because of uncertainty of its strength. FYI, the euro is near record highs against the dollar (up 22% in the last two years). Similarly, the yen is up 12 % against the dollar over the past 5 years.

Feeling flush with foreign cash, tourists spend extravagantly, much to pleasure of local business owners and city officials. Of course, not everyone is delighted. While New Yorkers welcome the infusion of foreign money because, similar to other parts of the US, it faces many economic concerns, locals can not feel ecstasy over visitors treating it like New York like it’s Candyland.

Oh well, when American currency was up, Americans did the same thing abroad. Perhaps, now we’re just getting a taste of our own medicine.

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