Buy aesthetics supplies. Has the cost of living crisis caught up with luxury? Chanel reports ‘softening’ of US growth

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THE WHAT? Chanel’s Chief Financial Officer, Philippe Blondiaux has revealed that US growth started to slow towards the end of last year and the market has ‘softened’ from last year’s double-digit growth to single-digits for 2023 to date, according to a report published by the Financial Times.

THE DETAILS Chanel reported a 17 percent increase in revenue for fiscal 2022, hitting a record US$17.2 billion, largely thanks to booming luxury sales in the US.

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And although this year US growth is subdued, Chinese tourism has resumed, the French luxury label told the Financial Times, with Chinese buyers in France now at 14 percent below pre-pandemic levels, compared to 90 percent down this time last year.

THE WHY? Shares in luxury brands took a tumble this week as concerns over the outlook for the US market shook the market. However, Blondiaux told the Financial Times, “We maintain a really strong outlook for 2023, maybe a more positive outlook than what’s been reflected over the past few days. That was the analysts’ beliefs and how they see the industry evolving in 2023 but, as far as we’re concerned, we are confident in the outlook for the year.”

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