US Luxury Spending Down 11% in July, Says Citi

US consumers spent 11 percent less on luxury goods in July compared to the same month last year, Citi Research said Friday citing data from a panel of 10 million credit card-holders. The drop suggests further deterioration in luxury demand at the start of the third quarter: June’s credit card data showed a 7 percent drop.

Luxury leather goods and ready-to-wear were the categories most impacted by the slowdown, with sales falling by 19…