Knee-jerk reaction would seem to say yes, but after some thinking, the reality may be a lot more complicated.
I believe most DR hotels and beach resorts quote in US dollars. So a room that went for US$50 a night in 2000 will still go for US$50 now, even though peso as slid from $16 to $29 now.
So what's the attraction for foreign tourists if they are not benefiting from the peso depreciation ? In fact, if I had to pay the same price, I might not want to come to DR anymore because of the worry of instability/crime due to economic woes.
On the other hand, take Argentina, which has benefitted tremendously because foreign tourists have been flocking there due to Argentine peso depreciation from US$1=AR$1 to US$1=AR$3 and many hotels that don't price in US$ seem like a bargain to foreigners and so fill up fast.
Obviously, if tourists venture out of DR beach resorts and eat at local restaurants and buy at local shops, they will befefit from the cheaper prices because most local restaurants/shop don't price their item in US$ equivalent. But how many tourists who come to DR actually venture out of beach resorts and contribute to the local economy ?
Europeans will still have a much cheaper deal due to the rising EURO value, but for other tourists with US$, I don't see how DR has become any more attractive despite the peso devaluation.
Any thoughts ?
I believe most DR hotels and beach resorts quote in US dollars. So a room that went for US$50 a night in 2000 will still go for US$50 now, even though peso as slid from $16 to $29 now.
So what's the attraction for foreign tourists if they are not benefiting from the peso depreciation ? In fact, if I had to pay the same price, I might not want to come to DR anymore because of the worry of instability/crime due to economic woes.
On the other hand, take Argentina, which has benefitted tremendously because foreign tourists have been flocking there due to Argentine peso depreciation from US$1=AR$1 to US$1=AR$3 and many hotels that don't price in US$ seem like a bargain to foreigners and so fill up fast.
Obviously, if tourists venture out of DR beach resorts and eat at local restaurants and buy at local shops, they will befefit from the cheaper prices because most local restaurants/shop don't price their item in US$ equivalent. But how many tourists who come to DR actually venture out of beach resorts and contribute to the local economy ?
Europeans will still have a much cheaper deal due to the rising EURO value, but for other tourists with US$, I don't see how DR has become any more attractive despite the peso devaluation.
Any thoughts ?