While the weak dollar may be bad news for the world economy, there is a bright side for British consumers: cheap shopping. Bookings from London to New York are up 20% on this time last year. But if you'd rather avoid the crowds, what about visiting one of America's other great cities?
Boston
"A refined yet heavyweight shopping spot" as Chris Haslam puts it in The Sunday Times Boston has all the big shops (Chanel, Marc Jacobs, Tiffany, Gucci) on Newbury Street, or at the Copley Place mall. Better still, it's closer to London than New York the typical flight time is seven hours, compared with eight for the Big Apple. A pair of Jimmy Choo shoes will set you back £270 here, as opposed to £345 in parts of the UK. To add to the savings, clothing is sold tax-free up to $175, while other items only have a 5% sales tax.
You can enjoy some cut-price culture too. Boston Symphony Orchestra tickets start from just £14; and while tickets for The Nutcracker in London cost a hefty £60, you can see it in Boston for £15. The weak dollar means you can also splash out on accommodation. The Daily Telegraph's Francisca Kellett tips the Fairmont Copley Plaza for its luxury and proximity to the shops. The 12 Days of Christmas package costs from $199 a night (www.fairmont.com/copleyplaza, or call 00 1 617 267-5300).
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Miami
For an entirely different Christmas shopping experience, head to Miami for bargains and sunshine the average temperature is 23C at this time of year. "In Europe, renting a convertible costs upwards of £100 a day. In Miami the price is £25, so indulge yourself," says Haslam. When you have your car, head to Bal Harbour Shops. Once the world's most expensive mall, the weak dollar has knocked it out of the running the Tiffany store is selling diamond earrings for £1,145; that's 30% cheaper than the £1,600 London price tag, a good deal even when you add in the 6% sales tax. As for culture, try staying at The Sagamore. The owner, Marty Taplin, is an art collector, so "the lobby almost feels like a gallery", says the FT. And while Miami may seem a little brash compared to Boston's more refined charms, The Sagamore offers residents a "quiet and calm" ambience (www. sagamorehotel.com, 00 1 305 535-8088).
Do remember, when you head back to the UK, your duty-free limit is £145. If you bring back more than that you need to head down the red lane at customs and prepare to pay duty of 2%-15% and VAT.
-
House prices rise 2.9% – will the recovery continue?House prices grew by 2.9% on an annual basis in September. Will Budget policies and ‘higher-for-longer’ rates dent the recovery?
-
Nvidia earnings: what to expectNvidia announces earnings after market close on 20 November. What should investors expect from the semiconductor giant?
