Research
November 3, 2025
While there are signs of positive movement, the financial institution is trepidatious about the industry’s short-term outlook. Image credit: J.P. Morgan
By Zach James
North American luxury spending is remaining resilient, according to new findings from investment banking company J.P. Morgan.
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