Although significant discounts are possible on some items such as jeans and US designer fashion, a number of goods are actually more expensive than in the UK.
A price comparison of 100 items in London and the Big Apple by Post Office Travel Money found the worst deal to be a Lego boat.
The deep sea exploration vessel may prove a hit with children, but the New York price tag of £78 is 60 per cent more than on the British High Street.
Joint second on the list of items to avoid is a Superdry hooded windtrekker men’s jacket (£117) and a Karen Millen red ruffled lace dress (£292), which will both set transatlantic shoppers back 47 per cent more than if they buy at home.
The report also urged caution when buying perfume, cosmetics and skincare in New York because of price increases.
Calvin Klein Euphoria was found to be 26 per cent more expensive in the US at £51, while another perfume, Chloe, has an 18 per cent mark-up at £77. But savings can be made on youth brands such as Hollister and Abercrombie and Fitch (A&F), where several items are over 50 per cent cheaper than the UK. A top saving of 63 per cent is found on a Hollister hoodie, costing £45 in London but less than £17 in New York.
Some of the biggest bargains are on toys, with parents able to shave more than 40 per cent off the bill for some presents.
The Minions Tumbling Talking Stuart Toy is 49 per cent cheaper in New York at £26, while the Pie Face game is just £11, representing a 45 per cent price cut.
Gadget fans can take advantage of a 14 per cent saving on an Apple Watch Sport at £256, while accessories from designer Kate Spade, lingerie from Victoria’s Secret and Levi’s 501 jeans were also found to be worth picking up on a Big Apple shopping spree.
One of the biggest bargains is on an Amazon Fire Kids’ Edition Tablet, 27 per cent cheaper in New York (£73) than in London (£99.95).
Andrew Brown, of Post Office Travel Money, said: “What you can save in New York all depends on whether you have done your homework.
“While we found plenty of great savings, don’t assume that everything will be cheaper.
“Sterling has been moving up and down against the US dollar in recent weeks so do keep an eye on movements to ensure you get the best dollar rate before leaving home. Take enough cash to cover both shopping and living.”