Europe feels America’s pinch
July 1, 2008 by moneypenny
Filed under Finance
I’ve lived in Europe for a decade, and visited it for much longer than that. My city, Rome, Florence and London were always packed with American tourists and in Britain, this lean year, foreign visitors spent about $7.5 billion in the first six months of the year, the British Tourist Authority said, but less Americans came.
In Italy, where the number of American visitors was down 11 percent this year in the art cities of Rome, Florence, Venice and Naples, tourism employs about two million Italians and accounts for about one-twelfth (or much more if the black market is accounted for), of the economy. The slowdown in tourism could cost Italy about $2 billion in lost revenues, in part, because of Japan’s economic woes but also because there are fewer Americans visiting, The La Stampa newspaper reported.
I don’t hear so many Americans walking around my town of COMO and up on the lake near Laglio and Bellagio where they were always hunting for a picture of George Clooney’s villa. If Americans are taking staycations, then maybe, many here in Italy will too, although its hard to imagine them not having the regulation beach break in August. I guess that could be classed as a staycation.
What about you, are you staying home? Are you feeling the pinch?
Moneypenny
We never leave for holidays that historically involve things blowing up or people getting drunk. July 4th is the rowdiest holiday of the year, and we are probably going to a friend’s house for a bbq – no fireworks.
I just take a moment at some point during the day to try and really understand what it would be like to be owned by England and still try to claim to be a free country. Then I remember, that’s what Canada is. And I appreciate July 4th that much more ;-)
I take off whenever the bank is closed, but I don’t celebrate any holidays, so for me, 4th of July is just the day I watch the Twilight Zone for 12 solid hours while catching up on sleep with naps during episodes I’ve already seen. :)
We still do our normal travel inside the US, but won’t be coming to Italy again anytime soon – because of the exchange rate. Too bad, because I love visiting Italy!
We’re having a bbq here w/my brother and sister and their families. Should be fun. My husband just got back from a conference in France, and he was disappointed at the expensive exchange rate.
Here in the Philippines, the effect of gas prices is a boom in the sale of scooters, overloading in the MetroRail, and a mini-boom in condominium sales & rentals for pied-a-terre near to workplaces.