US Luxury Spending Falls for Third Straight Month
US credit card spending on luxury brands dropped 6 percent in September according to Citi data. The decline highlights growing consumer caution ahead of the upcoming midterm elections.
Insights:
United States credit card spending on luxury brands fell 6% year-on-year in September, marking a third consecutive month of decline. The drop signals mounting weakness in the industry's largest market ahead of the November 3 midterm elections. Investors are tracking how softer domestic demand compounds existing pressures from China and Iran conflicts.
