Foreign Shoppers Invade Posh U.S. Stores
America is seeing a British invasion – as wells as Japanese and Brazilian ones – in its retail stores.
CNBC’s Margaret Brennan reported on “Morning Call” that international travelers are swarming over the U.S. this holiday season. As the U.S. dollar drops versus the euro, the yen and the British pound, America is becoming the destination of choice for luxury shoppers.
And not just well-heeled businessmen. Brennan reported that “more and more families” are visiting the U.S. on vacation. She quoted a Commerce Department study that said that shopping has become the No. 1 recreational activity for global tourists hitting favorite American destinations – even more popular than dining out.
And what are those tourists buying? Mostly snappy apparel and designer jewelry, Brennan says. So don’t be surprised if there are long lines at New York City staples like Tiffany and Cartier, Saks signature Fifth Avenue shop and Federated Department Stores' unit Macy’s.