The posh retailers across Boston are bracing for financial carnage after Donald Trump's latest salvo against Harvard's international students put a £3 billion economic engine at risk

The US President's June proclamation suspending student visas for Harvard-bound internationals has sent shockwaves through Newbury Street's glittering retail corridor, where wealthy Chinese students routinely splash thousands on designer trinkets without batting an eyelid.

Though federal judge Allison Burroughs temporarily scuppered Trump's plans, the writing's on the wall for an industry that's grown fat on foreign wallets.

When Money Walks Through Doors

At Bulgari's flagship Newbury Street boutique, students from Shanghai drop £2,600 on diamond viper earrings like they're buying coffee. Michelle Jiang, formerly of Chanel and Burberry's Boston operations, puts it bluntly: 'If something's trending, international students want it. They don't think twice.'

It's not just jewellery. One anonymous luxury executive explains the economics: 'Dior bags, Le Labo scents—everything costs less here than back home. These kids are our bread and butter.'

The numbers don't lie. Brett DeRocker manages some of Boston's priciest rental properties, and two-thirds of his Four Seasons and Ritz-Carlton portfolio houses international students. His crown jewel? A £22,400-monthly penthouse occupied by one family whose children study locally.

Maserati Money on Commonwealth Avenue

Walk down "Comm Ave" and you'll spot the evidence: gleaming Italian sports cars parked outside lecture halls, students in £800 Balenciaga trainers grabbing lunch at Contessa.

Milad Farahani built his entire business model around this demographic. For twenty years, his Boston Foreign Motors has sold luxury vehicles to international students—mostly Malaysians who pay cash for six-figure cars, then sell them back each May.

The Boston Globe report said students from Shanghai and Chengdu, China flocked to buy diamond-and-gemstone 'Serpenti' collection pieces starting at $3,300 for dainty viper earrings.

The massive spending is spread across Boston - including fleets of Maseratis parked along Commonwealth Avenue (colloquially called as Comm Ave) is a major street in the cities of Boston and Newton, Massachusetts.

It begins at the western edge of the Boston Public Garden and continues west through the neighbourhoods of the Back Bay, Kenmore Square, Boston University, Allston, Brighton and Chestnut Hill.

It continues as part of Route 30 through Newton until it crosses the Charles River at the border of the town of Weston.

Economic Reality Check

Massachusetts rakes in £3.1 billion annually from international students—making it America's fourth-largest beneficiary after California, New York, and Texas. Harvard alone enrolled 6,793 international students last academic year, representing over a quarter of its student body.

But the warning signs are flashing red. Leonardo Solís watched his international student accommodation business crater from 100 clients yearly to just five in 2025. 'Boston was always the golden goose for wealthy international students,' he reflects grimly. 'That era might be ending.'

The ripple effects extend far beyond boutique shopping. Research by economist Giovanni Peri reveals international graduates launch companies at four times the rate of American counterparts—meaning Trump's restrictions could throttle innovation across multiple sectors.

At Harvard alone, international students comprised 27.2% of total enrollment during 2024-2025, representing nearly 7,000 students from 147 countries as per NPRStatista. This figure marks a dramatic increase from 2006, when international students made up just 20% of Harvard's student body, highlighting the university's growing global appeal.

Chinese nationals form the largest contingent with 1,016 students, followed by students from Canada, India, South Korea, and the United Kingdom. When including all scholars and researchers, Harvard's international population exceeds 10,000 people

The international presence extends beyond academics. Approximately 21% of Harvard's varsity athletes—roughly 196 out of 919—hail from abroad By the numbers: A look at international students at Harvard and across the U.S., contributing significantly to the university's sporting excellence across 42 varsity teams.

Harvard's total enrollment grew 24% from 2006 to 2024, but international student numbers increased at an even faster rate International Students at Harvard (2006–2024), demonstrating the university's strategic emphasis on global recruitment. This international diversity has become integral to Harvard's academic mission and financial model, with foreign students typically paying full tuition fees.

Industry insiders fear the worst is yet to come, with one retail executive warning: 'Lose that student pipeline, and Boston's luxury sector faces a reckoning.'

US president Donald Trump