diff --git a/libcxx/include/vector b/libcxx/include/vector
index 299ad8c9b23f28..7c7adb0da7da59 100644
--- a/libcxx/include/vector
+++ b/libcxx/include/vector
@@ -1443,7 +1443,11 @@ _LIBCPP_CONSTEXPR_SINCE_CXX20 void vector<_Tp, _Allocator>::shrink_to_fit() _NOE
 #endif // _LIBCPP_HAS_NO_EXCEPTIONS
       allocator_type& __a = this->__alloc();
       __split_buffer<value_type, allocator_type&> __v(size(), size(), __a);
-      __swap_out_circular_buffer(__v);
+      // The Standard mandates shrink_to_fit() does not increase the capacity.
+      // With equal capacity keep the existing buffer. This avoids extra work
+      // due to swapping the elements.
+      if (__v.capacity() < capacity())
+        __swap_out_circular_buffer(__v);
 #ifndef _LIBCPP_HAS_NO_EXCEPTIONS
     } catch (...) {
     }
diff --git a/libcxx/test/std/containers/sequences/vector/vector.capacity/shrink_to_fit.pass.cpp b/libcxx/test/std/containers/sequences/vector/vector.capacity/shrink_to_fit.pass.cpp
index 8851e2a9ed0c7c..facb724c713af0 100644
--- a/libcxx/test/std/containers/sequences/vector/vector.capacity/shrink_to_fit.pass.cpp
+++ b/libcxx/test/std/containers/sequences/vector/vector.capacity/shrink_to_fit.pass.cpp
@@ -71,9 +71,46 @@ TEST_CONSTEXPR_CXX20 bool tests() {
     return true;
 }
 
+std::size_t min_bytes = 1000;
+
+template <typename T>
+struct increasing_allocator {
+  using value_type       = T;
+  increasing_allocator() = default;
+  template <typename U>
+  increasing_allocator(const increasing_allocator<U>&) noexcept {}
+  std::allocation_result<T*> allocate_at_least(std::size_t n) {
+    std::size_t allocation_amount = n * sizeof(T);
+    if (allocation_amount < min_bytes)
+      allocation_amount = min_bytes;
+    min_bytes += 1000;
+    return {static_cast<T*>(::operator new(allocation_amount)), allocation_amount};
+  }
+  T* allocate(std::size_t n) { return allocate_at_least(n).ptr; }
+  void deallocate(T* p, std::size_t) noexcept { ::operator delete(static_cast<void*>(p)); }
+};
+
+template <typename T, typename U>
+bool operator==(increasing_allocator<T>, increasing_allocator<U>) {
+  return true;
+}
+
+// https://github.com/llvm/llvm-project/issues/95161
+void test_increasing_allocator() {
+  std::vector<int, increasing_allocator<int>> v;
+  v.push_back(1);
+  assert(is_contiguous_container_asan_correct(v));
+  std::size_t capacity = v.capacity();
+  v.shrink_to_fit();
+  assert(v.capacity() == capacity);
+  assert(v.size() == 1);
+  assert(is_contiguous_container_asan_correct(v));
+}
+
 int main(int, char**)
 {
     tests();
+    test_increasing_allocator();
 #if TEST_STD_VER > 17
     static_assert(tests());
 #endif