The Asian economic crisis caused the drop in this country. Asians have long flocked to the United States, but many stayed at home last year. However, we were on top based on spending. That's a long-standing trend. Over the past decade, this country had snagged more foreign spending each year than any other country.
Tourism also is a solid earner of foreign currency for the United States.
Here's bad news for the company's chief financial officer. That's the prediction of Runzheimer International, which tracks these kinds of things. The bargain in the bunch will be air travel, where Runzheimer expects business fares to climb 3 percent. The airlines have not had any real problem with price increases since 1993. Expect hotels to raise prices 10 to 15 percent next year, but don't expect those to stick.