According to the latest statistics, Brazilians spent $5.9 billion in the U.S. in 2010 in a tsunami of cash that’s shifting American immigration practices and boosting economies in hard-hit parts of the U.S. that remain in the doldrums.
After suffering decades of hyperinflation, Brazil has ridden high commodity prices along with some of the world’s biggest offshore oil discoveries to expand its economy, lift millions out of poverty and multiply the ranks of the country’s deep-pocketed elite.
As a result, Brazilians spend more in the U.S. than visitors from any other nation — around $5,400 per person in 2010, with experts estimating the number growing last year. Japanese tourists followed, spending $4,300 each.
Chart: Number of Brazilian Tourists Entering the US each Month
The buying binge also shows off the muscle of the country’s mushrooming middle class, which has expanded by 40 million people since 2003. That’s been bolstered by the growing use of credit cards, bank loans and other forms of consumer credit.
But it’s not just the easy money that has transformed Brazilians into world-class shoppers.
Stiff tariffs on all imports push the prices of foreign-made goods into the stratosphere at home. And though domestic products are not known for their quality, their prices have risen in recent years as demand is higher than production, making it cheaper to buy nearly everything in the U.S., from clothes to toys and kitchen gear and even soaps and shampoos.
Source & Complete Article: http://www.huffingtonpost.com/2012/03/11/brazilian-spending-us_n_1337354.html