President Donald Trump’s travel ban coupled with claims that foreigners are having trouble getting through customs has dampened the image of the U.S. as a tourist-friendly country, and some experts project tourists may stay away as a result.
Tourism Economics initially projected a boost in foreign travel to the U.S. this year, but more recently those projections have flipped; now the company expects up to 6.3 million lost visitors, Fortune reports. Those losses could represent $10.8B in spending that many luxury retailers desperately need.
Many luxury U.S. retailers rely on foreigners for a significant chunk of their sales, such as Tiffany & Co.’s Fifth Avenue New York flagship, where 40% of sales go to foreigners. A drop-off in international travel to the U.S. is the last thing these retailers need, especially considering the strengthening of the dollar is already making shopping in the states less attractive.
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