Many large United States businesses are beginning to realize the large sources of revenue that could come from President Barack Obama’s new U.S. tourist visa policies for those with Brazil and China citizenship.
According to Bloomberg News, Bloomingdale’s CEO Michael Gould believes that the new policy could create huge revenue jumps for the retailer. Past reports have found that foreign shoppers are especially drawn to the fasion desings of Kate Spade and Marc Jacobs, both of which are well represented in Bloomindale’s department stores.
“We’re expecting an enormous uptick in growth,” said Gould in an interview with Bloomberg. “We have the kind of brands that are highly respected by these visitors, and the faster they can get here the better.”
To further promote their wares, Bloomingdale’s is also preparing to launch its first-ever advertising campaign outside of the United States, and has been looking into tailoring more of its merchandise toward Brazilian and Chinese clientele.
Many top U.S. retailers are expecting large increases in revenue. A January 19 report from the National Retail Federation believes that the new tourist visas could add more than $850 million to the U.S. economy by 2020. According to the Department of Commerce, the average Chinese tourist spends upward of $6,000 while traveling in the United States.
With the American dollar dropping in value in recent years, experts predict an increase in tourism this year. Despite long wait times for tourist visas – in the past, visas could take up to 120 days to process – 2011 saw 34 percent more Chinese and 42 percent more Brazilians being issued tourist visas than in 2010, according to an article in Bloomberg Businessweek. United States tourism dropped by more than 30 percent between 2000 and 2010, with many officials blaming the decline on the increased security post-9/11.