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J.P. Morgan

July 6, 2026

European Luxury Goods

Sector ReportEquitiesConsumer Discretionary

This report provides a Q2 2026 update on luxury sector data trends, highlighting sequential resilience in US, Japanese, and Korean consumer spending alongside volatility in China. It includes high-frequency data tracking across pricing, website traffic, and organic growth.

Key Takeaways

  • 1.Overall Q2 2026 luxury trends appear consistent or better than Q1, with resilience in US, Japanese, and Korean markets offsetting ongoing volatility in China.
  • 2.US discretionary spending, particularly in the 'Jewelry stores' category, continues to exhibit strength into Q2 2026.

Table of Contents

  • US Chase card spending points to continued strength
  • Japan remains a strong market
  • South Korea is benefitting from both locals and tourists
  • China remains volatile
  • The Pricing Tracker
  • The Luxury Brand Heatmap
  • The Organic Growth Tracker

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Authors

Chiara BattistiniWendy LiuApurva VishwarajVictoria Saden

Securities

BCLVMH.PAKER

Themes

Luxury Sector CyclicalityRegional Divergence

Regions

EuropeMiddle EastUnited StatesJapanSouth Korea