Luxury Stocks Experience $30 Billion Rout Amid Concerns of US Spending Slowdown

png 20230524 140449 00001

The luxury stocks market took a hit on Tuesday as concerns over a potential US spending slowdown grew. European-listed luxury companies, including LVMH, Hermes, and Kering, experienced a significant decline in their stock prices, leading to a loss of nearly $30 billion in market value for the sector.