There’s good news for Americans with European vacation dreams. The shift of global currencies in the 4th quarter of 2014 have continued to the early days of 2015 and show signs of impact on the global economy for years to come.
While the euro still trades at approximately $1.13 it is a significant drop from May of 2014 where the exchange was 1€ to $1.39. This rate showed the lowest level for the euro in over 9 years. That coupled with the 15% rise of the dollar index has powerful implications on economic interaction as well as companies or individuals doing business across national borders.
European nations still boast confidence for the market in 2015. The Global Business Travel Association (GBTA) performed a study in November predicting a 6.6% growth in business travel for 2015. Catherine McGavock, GBTA’s regional director for Europe, said “We still face many hurdles, but it appears the tides are gradually changing for economies all over Europe. This will contribute to a strong 2014 and 2015 for business travel throughout the region.”
In an interview with U.S. News and World Report, Jeffrey Eslinger, vice president of the Travel and Tourism Research Association, stated “A slightly stronger dollar coupled with lower airfares during the shoulder and off-peak times make traveling to Europe more attractive than it has been in some time”.
More spending power and affordable airfares to Europe present an opportune moment for U.S. travelers. With more money in their pockets, 2015 is the year for European exploration.