Luxury Shoppers Flocking To Europe

Luxury US brands are struggling whilst their European counterparts are seeing success, according to reports from Bloomberg. It is believed that the recent turn towards foreign brands in the US has its roots in recent financial changes. Bloomberg points out that the strong dollar is putting tourists off visiting the US, who are instead holidaying in Europe. Similarly, a weak pound in the UK is encouraging people to buy there. However, a report from Bloomberg Gadfly suggests that due to European goods being manufactured outside the US, promises by the President of the United States to increase US border tax could impact sales in the country due to increased retail prices.