What do London, Paris and Milan have in common? America is awash in luxury shoppers. The U.S. dollar has been at a 20-year high, prompting them to go to the European continent to buy high-end European fashion. In a recent note, Bank of America said. "Strong demand from U.S. luxury customers is the biggest positive factor in 2021. Despite the increasingly complex macroeconomic background, this momentum will continue in 2022." Strong demand for luxury goods Rising costs of energy, fuel, borrowing and general living have done little to curb Americans' appetite for luxury goods. European luxury goods companies have welcomed the boost as Chinese customer demand has yet to pick up since the pandemic began, while sales to locals have soared amid inflation and consumer confidence falling below record lows Still under pressure for a long time. The European price after tax rebate may be 20% cheaper for the same luxury goods in the United States. The Wall Street Journal quoted French luxury goods giants LVMH and Kering as saying on Monday that "summer consumption has shifted from the United States to Europe as Americans are taking advantage of the strong dollar to spend money in Europe." Bain & Co. believes that “so far this year, the overall luxury market continues to perform strongly, with winners across brands, with about 95% of brands recording positive growth. All luxury categories have now returned to at least 2019 levels.” Levels, hard luxury goods, leather and apparel leading post-pandemic recovery".