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LVMH earnings suggest luxury spending is suddenly slowing in the U.S.

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LVMH sales rose in Asia and Europe, but the luxury goods company struggled in the U.S. during the second quarter.

on Tuesday reported a surprising drop in U.S. sales in the second quarter, as its chief financial officer said "aspirational customers are not shopping as much as they used to."

"If we assume that that group was benefitting from subsidies during COVID, those come to an end at some point," he said. LVMH reported a similar shift in spending last year, when Americans returned to Europe en masse, partially cannibalizing sales in the U.S.

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