The dollar is so weak that people are flying to the United States just to shop. The price differences are big enough to justify the expensive air fare and hotel:
By 4 a.m. yesterday, Kinsella had rung up nearly $2,000 in Christmas presents and winter clothes, including a $79 black leather jacket at Guess that she estimated would cost more than $250 in Ireland.This not as uncommon as peope think: Dubai is also a shopping haven, as is Hong Kong. There are vacation packages that are specifically geared towards shoppers. This bodes well for the U.S. economy. In fact, I wouldn't be surprised if retailers reported higher than usual sales, as a result of this 'shopping tourism.'
Unfortunately, the results won't have impact on trade figures since the Department of Commerce doesn't consider 'shopping tourism' as foreign trade. Oh well, these trade figures-- the trade deficit one being the most popular-- are flawed to begin with.
(via International Economic Law and Policy Blog)
