France is the country that has benefited most from the splurge of tourists.
Sales to tourists in France in June rose to just 11.3% below 2019 levels, a positive sign for French luxury brands that have heavy exposure to their home market, UBS analysts said.
American tourists thronged Paris’s Avenue Montaigne this week, browsing luxury boutiques, which include designer names such as Louis Vuitton, Chanel and Gucci.
Cheryl Penn, 70, a real estate agent from Delray Beach, Florida, had already bought a skirt and stocked up on baby clothes for her granddaughter.
“We just got to the Avenue, so we just started our shopping spree,” Penn said. “I like the euro and the dollar to be the same, so I know exactly what I’m spending,” he said.
Jennifer Groner, a TikTok influencer, went shopping in Paris in April, when the euro was under pressure against the dollar.
“I’ve never seen anything like this in terms of price savings,” he told Reuters, estimating that he picked up a Hermes Birkin bag in Paris for $4,000 less than it would have cost him in the United States, paying just over $9,000. , thanks also to the VAT refund.
“You can travel to Europe, experience the culture and at the same time buy a bag,” said Groner, who also bought handbags and accessories from Prada, Dior, Louis Vuitton and Chanel, saving a total of $8,000 compared to the prices of United States, according to their calculations.