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US Luxury Spending Drops for Third Straight Month Ahead of Midterm Elections
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Firstpost•07-10-2026, 06:02
US Luxury Spending Drops for Third Straight Month Ahead of Midterm Elections
- •Credit card purchases of luxury goods dropped 6 percent year-on-year in September, following declines of 4 percent in both July and August.
- •The Conference Board's consumer confidence index dropped to 81.9 in September from 88.6 in August amid growing economic concerns.
- •US employers added just 29,000 jobs in September and the unemployment rate edged up to 4.2 percent, signaling a cooling labor market.
- •Despite slowing discretionary and luxury purchases, overall consumer spending and broader economic growth remain resilient.
- •Persistent inflation and higher interest rates continue to pressure household budgets and weigh on consumer sentiment.
Key Questions Answered
Credit card purchases of luxury goods dropped by 6 per cent year-on-year in September, marking the third consecutive month of declines.
The Conference Board's consumer confidence index dropped to 81.9 in September, while the University of Michigan's consumer sentiment index fell to 48.1.
LVMH is scheduled to report third-quarter sales on October 12, followed by Gucci owner Kering on October 22.
