Salvatore Ferragamo SpA

According to a report published on the 6th by major US financial firm Citi, US credit card spending on luxury brand goods fell 6% in September from a year earlier, marking a third consecutive monthly decline. July and August each posted a 4% drop. The figures indicate that demand is weakening further in the luxury industry's largest market ahead of the US midterm elections on November 3. Citi analysts noted that while rising wealth among affluent consumers supported the high-price segment in September, overall US luxury goods card spending declined. They cited Tapestry, which owns Coach and Kate Spade, French conglomerate LVMH, known for Louis Vuitton and Tiffany, and Italy's Ferragamo as companies particularly dependent on the US market. However, brands more reliant on wealthier customers would likely remain relatively resilient, supported by the wealth effect from the stock market. The Citi data, based on millions of credit card transactions, followed surveys by the Conference Board and the University of Michigan that also showed growing anxiety about the US economy ahead of the midterm elections.