As I'm concluding most of my research for this project before I begin writing my paper. I wanted to look at what economic gains the United States will and could make from Brazilian tourism.
In the month of June in 2011 Brazilians spent $1.4 billion abroad which is 39.9% higher than it was the same month last year. In the first six months of 2011 Brazilians spent $6.8 billion abroad compared to $4.2 billion one year ago. Most economists believe their stronger currency (the Real) has made it profitable to buy products abroad. A dollar is equivalent to 1.50 to 1.55 Reais. Brazil's currency has appreciated 40% since 2008.
Europe has embraced Brazilian tourism for its economic potential. Europe does not require visas for Brazilians to visit and France is Brazil's number one tourist destination. Brazilians account for more tax-free transactions than Americans do in Paris. The number of Brazilians traveling to Paris has more than tripled in the last 5 years! Paris department stores like Galeries Lafayette and Le Printemps have hired a staff that can speak Portuguese and dedicated a VIP service to Brazilian customers. Europe in general has seen a 70% increase in Brazilian transactions since last year.
In Florida, Brazilians are spending more than four times that of American consumers. Americans are missing out on one of the greatest economic opportunities in the world today. Europe is taking advantage of this opportunity by hiring a staff that can speak Portuguese and appealing to Brazilian consumers. Due to the United States proximity to Brazil and our low cost products, we have more potential to attract Brazilians than Europe does. We really need to take the progressive steps that Europe is and I am sure our gains would be impressive if we did!
Link 1 - http://en.mercopress.com/2011/07/26/brazilians-with-a-strong-currency-travelling-overseas-as-never-before
Link 2 - http://www.global-blue.com/corporate/intelligence/the-brazilian-shopping-spree/
This seems like it is helping the US economy. Do you see this as a good or bad thing? Because it seems like the Brazilian economy might be suffering from many of its citizens going to other places to buy things. Is it because of a tariff?
ReplyDeleteI see it as a good thing for the US, but a bad thing for Brazil's economy. However, Brazil's economy is doing so well that it will not hurt them so much. Brazil continues to grow at a faster pace than it can keep up with.
DeleteDo most Brazilians go back to Brazil instead of staying in the U.S. or Europe? It seems like cheaper products would attract a lot of Brazilians to move to the U.S. permanently. Does Brazil have a high emigration rate?
ReplyDeleteIt may be surprising to know that more Brazilians are leaving the United States in search of economic opportunity in Brazil, than Brazilians leaving Brazil to stay in the United States. Over two million expats have moved to Brazil in the last five years. That's a lot! Immigration to Brazil has increased 52% since 2005. There were over 4,200 Americans moving to Brazil in the first six months of 2011 and that number is expected to increase 20% for the next decade. Good question though!
DeleteLink - http://en.mercopress.com/2011/10/31/brazil-is-again-a-country-of-immigrants-two-million-expats-returned-in-five-years
I think this points out a serious need for Wofford to start offering Portuguese language classes!
ReplyDeleteI want to learn Portuguese. I bought Rosetta Stone for Brazilian Portuguese and I wish they offered classes here. I will have to do a semester in Brazil to be able to take the 300 level Portuguese class offered at Wofford. I look forward to taking that class!
DeleteWe do offer Portuguese! I took both levels. You do not need a semester in Brazil, simply sign up as long as you have experience in Spanish or French. Dr. Nuriel teaches it, maybe you should speak with her?
DeleteOh I never knew. I was told had to be advanced enough to start at the 300 level. I'll definitely talk to her about it. Thanks for telling me!
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