French luxury group LVMH has reported a slowdown in the US luxury market amid economic uncertainty, balanced out by recovery in China as it rebounds after the easing of Covid-19 restrictions.
The luxury conglomerate, which owns 75 brands ranging from Louis Vuitton to jeweller Tiffany, said that revenues rose 3 per cent in the US in the first half of the year compared with a 24 per cent increase over the same period in 2022, and even slightly contracted in the second quarter.
The group said that US clients had tended to purchase a lot of luxury items abroad because of the strong dollar, but economic pressure on potential customers at home has increased as inflation mounts and Covid savings and pandemic-era financial support dry up.
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