U.S. luxury purchases measured by Citi credit-card data fell 6% year over year in September 2026, following 4% declines in both July and August, according to Reuters’ October 6 report. The figures came as the November 3 midterm elections approached, but the report does not establish that election uncertainty caused the downturn.
What Citi’s figures show
Reuters reported that Citi analysts tracked millions of credit-card transactions and found the year-over-year decline in U.S. luxury purchases widened to 6% in September. The same measure showed 4% declines in July and August. These are comparisons with the same months a year earlier, not month-to-month changes.
The measure offers a view of spending captured in Citi card transactions, not a census of all U.S. luxury purchases. Reuters’ report does not disclose the cardholder sample, the precise definition of “luxury,” transaction coverage, or adjustment methodology, and it does not link to the underlying Citi note. The percentages should therefore be read as reported card-data trends rather than a complete estimate of the U.S. luxury market.
Categories moved in different directions month to month
The September aggregate decline did not mean every category weakened from August. Reuters said leather goods and ready-to-wear improved sequentially, while watches and luxury jewelry deteriorated further. “Sequentially” here means the direction compared with the preceding month; the report does not provide category-level percentage changes. Those category movements cannot be substituted for the year-over-year aggregate figures.
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Why the midterms are context, not a demonstrated cause
The November 3, 2026 U.S. midterm elections were approaching when the figures were reported. Reuters also described growing economic unease in surveys from the Conference Board and the University of Michigan, and noted that political uncertainty may contribute to caution among consumers and businesses. The report does not quantify those surveys or show that election uncertainty caused the decline in Citi’s luxury measure.
Which luxury groups may be more exposed
Reuters said Citi analysts identified Tapestry, LVMH, and Ferragamo among the luxury groups most exposed to the U.S. market. Tapestry owns Coach and Kate Spade; the report associates LVMH with Louis Vuitton and Tiffany. This is an exposure assessment, not a statement that each company had the same sales trend or risk.
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Citi also said: “Still brands with greater exposure to higher-end consumers should remain relatively resilient, supported by equity-market wealth effects.” That is Citi’s view, not a guarantee of future performance; the report does not name an individual analyst.
Source: Reuters report republished by Investing.com, October 6, 2026.
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- This Visa Virtual eGift Card is non-reloadable. No cash or ATM access. Visa Virtual eGift Cards are emailed active.
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