Sharp declines in tourist spending on luxury goods in Japan and Europe are dragging on industry sales, adding to the challenges for a sector grappling with the end of a multiyear boom and the fallout from US tariffs.
Second quarter sales at Bernard Arnault’s luxury goods powerhouse LVMH, as well as at Prada and Moncler, were hit by lower spending from American tourists in Europe and by Chinese tourists in Japan.
Last year, waning luxury sales were boosted by a springtime surge in demand in Japan after Chinese consumers flocked to the country to load up on designer bags and shoes, taking advantage of the weakness of the yen, which had fallen to its lowest level for over 30 years.
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