Citi analysts stated that, according to a survey of over 10 million American cardholders, luxury goods consumption in the US declined by 15% YoY in February, following a 19% drop in January. LVMH, Brunello Cucinelli, and Ferragamo are the luxury groups most affected by the slowdown in the US economy. Since the end of 2022, factors such as slowing economic growth, inflation, and the recovery of the tourism industry have dampened luxury goods consumption in the US.