Citi: US luxury credit card spending increased in March

Golden Ten Data reported on April 9 that, according to a report by Citi analysts, U.S. luxury goods credit card spending grew year-on-year in March, as higher-income consumers continued to spend robustly. Last month, luxury brand credit card spending rose by 7%, marking the third consecutive month of growth. The analysts pointed out that despite intensifying geopolitical tensions, increased macro risks, and dampened consumer sentiment, spending still saw an uptick. They estimate that luxury watches and jewelry were the sub-sectors with the highest growth in spending. Swiss watch groups and EssilorLuxottica are among the European luxury stocks most affected by the U.S. market. The analysts noted that Hugo Boss and Burberry are the two companies least dependent on the U.S. market.