2025-06-11-花旗集团-全球奢侈品——信用卡洞察_花旗美国奢侈品信用卡数据——奢侈顶级品牌在连续三个月个位数中期下降后_5月同比持平_43页_1mb
报告摘要
- Luxury Top Brands' credit card spending in the US remained flat year-over-year in May 2025, following three consecutive months of mid-single-digit declines. This slight stabilization suggests a potential turnaround in consumer behavior, though it may not be a full recovery.
- The improvement is primarily driven by a high-single-digit percentage decrease in the number of spending customers (volumes), offset by a high-single-digit increase in average transaction value (ASP) due to higher prices. Factors contributing to this shift include enhanced consumer sentiment from market rebounds in equity and crypto, optimism about ongoing trade negotiations, and advanced purchasing ahead of potential inflation or tariff increases.
- The broader US consumer environment is relatively healthy, supported by low unemployment, steady wage growth above pre-Covid levels, and reasonable savings rates. However, risks persist, such as potential further economic downturn, inflation concerns, and the impact of tariffs on luxury goods, which could negate current gains.
- Other luxury categories showed mixed results; High-End Jewellery saw significant improvement, while Leather Goods and RTW categories saw moderate gains, but Overall Total Luxury Brands still experienced a decline. Sports and Beauty categories also declined or remained stable, reflecting persistent challenges in aspirational pricing segments.
- While this YoY flat spending signals recent positive trends, the long-term outlook depends on maintaining consumer confidence and navigating global economic uncertainties, including potential regulatory changes and shifts in consumer spending habits.
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