Tech Insider
Chinese tourists buying the luxury brand Louis Vuitton, Macau, China.
LVMH shares have tumbled in the past six months.

Bob Henry/UCG/Universal Images Group via Getty Images

  • The boom in luxury goods is over as consumers pull back on their multiyear high-end spending spree.
  • That's evidenced by the rout in LVMH stock, which has fallen about 20% over the past six months.
  • Luxury companies may not be able to depend on the ultra-rich to boost sales amid a shaky economic outlook. 

Consumers' spending spree on high-end goods that kicked off during the pandemic has petered out. 

Luxury retailers that enjoyed bountiful profits during in recent years are beginning to feel some pain in 2023 as financial conditions tighten and consumers appear to pull back on ultra-high-end purchases.

Tags
Markets, mi-exclusive, Recession, luxury-recession, luxury-markets, LVMH, lvmh-stock, luxury-watches, herms, Kering, american-consumer, us-consumers, consumer-spending
Source
Shares of luxury brands are tumbling in a sign consumers' high-end spending spr…