Oh, the places you’ll go—with a strong dollar in tow
With the dollar on the rise, American tourists can outspend the locals in some of the world’s top travel spots. Visitors to Asia, South America and Eastern Europe are upgrading their accommodations and enjoying fine dining at prices that can’t be matched back home. The strong dollar, bolstered by high interest rates and a strong economy, allows those who normally scour for budget deals to feel rich enough to reserve tables at Michelin-recommended restaurants.
On a trip to Argentina in February, Cecile Blot, 44, was surprised by how cheap it was to dine out. She had dinner with her mother at a Buenos Aires restaurant where they ordered several appetizers, a steak, ribs, dessert and a bottle of wine for around $60. “It was all wonderful and in a very chic little restaurant in one of the most high-end neighborhoods in Buenos Aires," Blot said.
“And very affordable." Overall, the WSJ Dollar Index has risen about 4% this year, with the dollar up about 2% against the euro and more than 11% higher than the Japanese yen. This means the dollar goes particularly far in Japan, where the yen is at its weakest in decades, and in Argentina, where the peso is near a record low. Other popular tourist stops where the dollar can buy more this year are Hungary, South Korea, Thailand, Brazil and Canada.
Americans won’t get the same bang for their buck in much of Europe this summer, said Steven Carvell, a professor at Cornell University’s school of hotel administration. Tourists on postpandemic splurges drove up prices, and the Paris Olympics is further inflating prices in France and surrounding countries, he said. “The demand in Europe has skyrocketed," he said.
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