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Europeans flock to New York to shop till they drop

From Fifth Avenue to Soho, electronics megastores to tiny bou-tiques, Europeans, especially the British, are invading New York for holiday shopping, flush with euros and pounds at new highs against the dollar.

"The pound is about two to one [dollar] ... to buy a pair of jeans in London is like double that in New York with the current exchange rate," said Pamela Parisi, whose company gives shopping tours of New York stores.

Euro-shoppers and the British can feel rich: the European single currency has gained 11 percent against the dollar in the past year, and is fetching some US$1.30, while the pound, up 15 percent in the same period, is worth nearly US$2, a 14-year high.

A number of goods that traditionally are cheaper here than in Europe are now even better bargains, attracting foreign shoppers in droves.

"We have indeed noticed an increase in the number of European visitors this year ... there's no question that the Europeans have been taking advantage of the weak dollar," said Joseph Spinnato, president of the Hotel Association of New York City.

"People who had been thinking about coming to the US over a period of years ... for them the weak dollar might have made their decision for them and they say `now it's time to go,'" he said.

"We have people from England coming over here to do their Christmas shopping! That's good, for the economy, for New York, and that should be encouraged," he said.

Fred Dixon, vice president of tourism development at NYC and Company, forecast the Big Apple would play host to about 1.25 million international visitors this month and next month.

The year is on track to lure 7.3 million in total, compared with 4.8 million in 2003, he said.

The biggest group of European visitors are British, he said. About 1.2 million have come, in particular because of more affordable airfares, he said. The Germans are next, at 400,000, followed by the French and Italians.

Shopping and dining are the top items in European tourist spending, at 40 percent on average, ahead of lodging and ground transportation and far ahead of entertainment, at 10 percent, Dixon said, adding "a stronger euro ... can make a real impact!"

Miriam Baquero, a young woman from Madrid winding through Soho's shopping district, a companion in tow carrying huge shopping bags, said she was thrilled.

On her last visit here "the dollar was high, high, high. I couldn't buy anything," she said. "Now you have the chance to do more shopping, everything is cheaper."

For several weeks British shoppers have flocked to a small, pastel boutique featuring the fashion creations of Nanette Lepore.
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