Michigan and metro Detroit have in many ways been at the epicenter of bad economic news in recent years. High unemployment rates have grown higher on a monthly basis, and major layoff announcements come all too often. In addition, the region has some of the highest foreclosure rates in the country. All the while, gas prices continue to rise, further squeezing residents in and around the motor city. All of this, combined with some softening in the national economy, had many expecting a slower than usual holiday shopping season.
There was, however, at least one economic trend poised to make this holiday shopping season a little merrier for retailers in metro Detroit. The weakening U.S. dollar and the strengthening of the Canadian dollar gave Canadians newfound purchasing power when shopping in the United States.
With this paper, we analyzed five reasons why retailers in Southeast Michigan could expect to see more Canadian shoppers filling their stores during this holiday season and beyond.