Investors in the luxury-goods industry are fretting more and more about about a potential slowdown in spending in the US.
"Slowing to negative growth year-on-year in the US is a building concern, especially given signs of softening demand from more economically sensitive aspirational consumers," Deutsche Bank analysts said in a research note published on Tuesday. Many forecasters have projected that the US will suffer an economic slump or even a recession later this year, withDeutsche Bank's base case is that the slowdown will hit Americans' wallets, resulting in them spending less on luxury goods.
Prior to Tuesday's selloff, luxury stocks had enjoyed a strong start to 2023, powered higher by expectations of a surge in sales thanks to China's recent economic reopening. LVMH shares are still up 25% year-to-date despite their decline on Tuesday, with the fashion, champagne, and cognac conglomerate recently becomingHermes has jumped 34% in 2023, while Kering – which Deutsche Bank warned has been suffering from"creative turnarounds" like the exit of Alessandro Michele from Gucci – is up a more modest 12%.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Fuente: MarketWatch - 🏆 3. / 97 Leer más »