LVMH Reports Slowed Growth in Third Quarter Amidst Shifting Luxury Consumer Trends
October 13, 2023
Luxury conglomerate LVMH, though still boasting impressive organic growth for the year, faced a notable slowdown in the third quarter, with organic growth dropping to 9% from previous 17% advancements. The influence of geopolitical uncertainty on luxury consumer behavior is evident, as Affluent Consumer Research Company’s CEO, Chandler Mount, notes a decrease in consumer confidence and luxury spending. This shift in trends is reflected globally, with Japan being the exception, maintaining a robust 30% organic growth rate.
Recent News
New Starbucks Artist Collaboration Merch Announced
Inspired by personal experiences and cultural heritage, artist Monyee Chau brings forth a collection under the Starbucks Artist Collaboration Series set to debut this summer.
FDA Says Eating Yogurt May Help With One Common Disease
The Food and Drug Administration claims that yogurt could help with one common disease, but there’s a catch as to not mislead consumers.
Climeworks Unveils ‘World’s Largest’ Carbon Capture Plant
Amidst the global climate crisis, a groundbreaking solution emerges: the inauguration of the world’s largest carbon capture plant, “Mammoth,” in Iceland. Developed by Climeworks, this plant marks a significant stride in the pursuit of curbing planet-heating emissions.
Palmer Candy Company Recalls 29 Products for Possible Salmonella Contamination
The Food and Drug Administration (FDA) has recalled 29 of Palmer Candy Company’s white-coated confectionary items because of the potential for salmonella contamination.