U.S. consumers are spending more on luxury jewelry while pulling away from handbags and clothes, according to a Citigroup analysis of credit card data. The run-up in gold prices is just one factor in play, according to Citi analyst Thomas Chauvet. Luxury spending decreased less than feared in May, but it’s too early to say that upper-income consumers have reached a turning point, he said. Domenica Graci, the CEO and Founder of travel agency One Luxury, is seen wearing a golden Vintage Alhambra bracelet from Van Cleef & Arpels, a golden Love bracelet from Cartier, a golden Juste un Clou nail bracelet from Cartier and an Essential Lines bracelet from Cartier. Moritz Scholz | Getty Images Entertainment | Getty Images
Luxury retail was expected to stage a turnaround in 2025 after a promising fourth quarter marked