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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2r+48Ogh2n10jEhlU2\/xV2aXq5A1RlyGKAC42e7qgBaJv6WuF1Y1hYBk4cQGvGCBZtZFvs+xSBartphm\/W+6IVmlM9o7l3j9FtHgir6Q9kf3wPHGgATClF6sNEQYT\/qPffFpw10Gid9FfS2Zk4kG4P4G8JFal2PslkrvI\/mVf6H53gHL1bd7GuuniTLyRD3WQbzd+2FgkPgyjhvE9O4gqdf4hB2G8+9JdgjqykchmizAeMFD3qOkZrvvsKmnGcg\/SM19sV08t1cqqN\/o1LfA0kFRAEEDGRODZK4Q9y9RA2CEb0yKzzrQM3poshzthVYeNgujnsZZmJ1IIu7+R7Rim5ed8PsU6N36o7LwTYqfSVdPMRsN2kOr7UyeOv7DvOUFsVk8l5TFUHUVK+aHubxrDsCCKdp5tXZZNJlVLK41AF\/EeZ04sgS4+BdNIdjqsTG\/hdVTfnCNM\/dqkGgwMQKK0ruv7FSTwRkWnC03P3sDJFJHHzWSCceI8KQsFyz3PGQxAYbbR6g64XmyZkj2iMU2KsTiFfNmTexayEx51QSL2G45KJYqUZnnwkXW\/jlYS7KL8iokexgX1leXAvEY5ql\/Ye7bdn9rUO5tNI12zpIKYaFS4\/cb71vQ5BocphEkhxsK2W3\/NlcUvfRCPg\/wjzALcYisaxakunRzTbh+ACB1Q084HaTLRAxOlG9+v3CO0sMSH6LfLM+CAPiauOQ9Je9qACf+MetCRfnY1XQJdF5EtaIa6BvXAeddzf64QwXtcmU9iiCpCDVwJsI52skmUiyCe7\/kqOFlW4YuITVlyhs2n3qJXRsuAdAXkaixgZy\/LatbwyQVL5T87mXxgEOA\/JRSNF4F1CJ4JNj96q7IWfV6EjKQLJDdllnbR4nkGs63Qq2SrRUFKmpIfz5RmNV\/l4MJVafgjkKDB6a\/0W2XSoH9L7bv0GWHEzDzwB4\/3pYGEoTYeqiPrcD9XfoJbq5krVlI54BxmUoEXhducPTsTR4Ycjqjve3P6joapK3Uh6snXYlvXotm4HOnz5y9xtIf4Q4N3HHbNNd6QC+yKF512CCGBz\/Cj9bDuIL1haxgJUwM965xPZVBVWhBdThFB5TfApCJcJLi9KE5ez4mX2Fw0tFw+iL4uA3Fq7fWvuxvYMjsZi1fbHuQqbAfS81sMY5HTAuUEIt0+JtOqkLhJlrBP8IJMEqrpS5HZufyyZLzVwgw2v4ZNLHjHqukXri6x4Ton0VMvFt8C3gCpUbjlunVM5rL3+E\/1K7Muw2WNmZgRkS6jzyFv+Ol\/GJ\/XZ23LgYS+gOqLcZwYWMOwrRKvGBikIm0hLnkc5eLXR3yKrqjc9npHs0H8TKLOaD4AxtbAEtMyh\/xJgBweQC6Tt5p7kgpFTeYe6D28LjuXoFsefV6Xl5sM4z+F4rKe\/uA2zDP08Ibuj26L9+jeGSHeqA6kRW\/KcXKI4\/VMDUBM5GT4B4iVWUJkE3UL14M50DgJgbnJrdDJMDMIr+oCO4Ee3sg1ZJiaDPA+MF51ScO9JTjqlZQUANsnZbooKgqhxyYzc692GPxa27oCIxs7aElepOYy15U46rRmKeJN7xfqAS4xnemAq9HurMxYy1UKJ9tHCOoMNusuMCVlSc9B12ZiGxE0TxlkgXGKVxr07XQ9xcxBQnAegIc0epuYbxLhH2tOV0jX8TjAl5F5qarR\/IPTywpCIFiXwbZFL97adwwZcjHaosxSzovO6lLEDbwTOtO4KBRYEHuGU3HZ27b+OtUhsgdTtvCPpJjU6yaTEsko2mQilWTEmi8T5bYFrFZ\/fc3Xwuq\/gyWP2S1M5L7NUA6d17tzFF5dpYh2TMGtmn94Amqxykj4gaC9oX4G1LXYa9JexYQNnmnkfY4VU4UB2\/2WgUKSvxAGOvthGdRgZOzFMjv3Zurg9R4ZkYqA8kv5xcS1xDnu8U2uvG2tGUNHhnGj1yn1EBTc7IN47KLvoyxsPtJCm8eHrBYbT1kW3QfwQ4LiSj2y6A0FqHC3umkV92dNzdxJGyQXhkK++2YjrKUPyWTqDjPPfQlHiSAfKjdWmPLEtVWzJBBEFPrpUf82BxKbq8YxYryxASv9kFBhobIrBGwa1srXGQUXnVaIunZ7FMXDCQXVPNI9F2YWhKdwcF\/HGCWnpjde70rRNV\/5PpQCyEzIx\/2Sz4POedPLXrYP7F2DVaCiF\/zMDMdZYhUVTP\/BiMm3g9d7VtEfqRoUVS\/e73yPbZ4HyKAZDCOIesJXNVf7NMY6Zl9Gdtv1KHPqf0uPfM690HquTUkXOmTlZ2uB3GxqKjd8jwdsehnFS7rCY8Uz1mFNGlFLRYzOZfkN\/xpGNQlcmruPobQke98E9vo0CI+lBLTl\/KI2oJsNxN8ZPb2tK9Q4Z\/SVlXsc8zzO1WcsdxNCtkgbVpRkdqoloxpYsYgT+Qu4VZ2ClIkKx1yHpC6vmNsCcnQKg25l2ckZXcZYtQuBS12r0OeRt8FfzHbyE8QeIjakNukovO5rAwg60xY951WvEhMEd4DCMW6+p\/tMSLe6aSfZLlVRWef05CSof1mbuOZ2qCfzSH+EhuNL8wC0Zl8Vtxwiu\/sLeuffCtIzJoZWUmNQHYiEACENWdmYYPNgaBlZbj0TRJ3Uma52cQp\/dwmZ7pLrrvBw8rvCWWpbR\/xBA7spVMScxvObfe81TNdbrS\/KtDvzoZAlyzJSBRM+yoYTqpqvysvipCfQXxsss\/j1Fe5+RzhdNpbcnrU3TeEOnT\/l5ff8evHCsl6zh\/LJ\/W\/l1oNqfiLv2nJAnk4zLdM+lQX71VivQTnbj1yaOQiZ0k5WtKxFl9QxjUTw9Wb9aRV98EPJjdXFKIrWd4aiXnyrjEyu8gi9+JvjQfxJZD3KwQnmNKwcUZlSyqgTUzQdB\/jhvo+2Uh7YDr1rQao\/BQ+\/J2wtXRChIp5uMWIG9+nZf+Z4Uby2TwJy\/VphVXtuZESRQ43lNiQxCcO3xt3NnAcWmLEQyH4I\/dPepX+Q7FmgZQPhcq52fUdAgOWwppQ3sNBnQSVRg2nwJO8FHj4VpCHMRK5qLFwRvyGnFDhlv6ShtdzCzwq0JhvWXLeCEg8SyO4L1w2Y8kA2MM6PI\/NOM0Wj78qVP30B84Zv8qEqTN+nHBir20IJZiQEh9ajpvoO5hGRIdaM8ANn9z0+4Im84Leb22HetqpVBJx4kS5XWJ3PWgfcvkki6t+tEmo0GIQ9hqWKk\/sCHJInfOgPhdH6RitIvV5i4KzxT99NxfxnReg7g5efQna+6ivn3thvj6pJ5deFcyoE82vdjgWccfDidFA7qgZNWIVfF2awd3te32RJT5oz\/kE1goW5oxYxef588UXGnnD0DhVkoVXVuO+8u032yKgCh5NJY5mxwBGgrhi\/h+C6OAPG9KPz8X\/kS\/L6icntRQdrf4Nc8hs+1NpjTl0kYYWSCT+hY584G6O4fprxzLW2cfJQQbLe0X6WQihnqkqyy7a1B3cIzNP\/6GtAnBabi+B7NnhLKvQw6\/b0vWi8mGDwGPlhzZvu2OoeoviFFkrkZOxmGKkIjPNwcRGRuFwx7KG6j7cbVroLP7cvA3773J5QlXlKyLTvA+Kp\/5fYzZ5v4qWPac2kjrM9ngOQ2vS6PlpWhiCizPCmKSmjVQqqi9HAbzteH3tUTbpwtgvCE8dMsYfK7Vx8o\/UbGOz\/7F3274oR+2nWMfL3OC23DRanG06M6ypTCNNih0oeO5GzB+so8avq1T5T6Vz\/y2JBzLUQlD8AwZX0AdgPLXjneai69JpB6SspxQO+ofWihPEWvOzg0GMLE9a4ZvoMtmhHB5Xt1PDZ8fF56TuryCiBHHu0ftNZRK\/BPjcVDuZOfH96CWkhkmbqZmQ1za8tXfmto8U1GQXaC2OAJbbDIlzpvJU0Y4DwDHf+kIjqn8tuchrYl7M\/VuZ0MOAFYFbIFiCiAzF9gUzBFSfm5dFD30RqcDEb9qvaqu0JXP\/N50UVPLCVk20TW\/vm3YaMdOSKJ+FmklBjoKsjAhjpgP1Wyx0P\/EY0W7os0K0vVkPv6QJQyWgmARxxesDLMq2W42KtmQQb5Jv9epx1u9XPJg2\/ue4LrzQMadulMlhqavB9i\/eYk4fFP3AzZ4HJqnXkh2l0W4gMcrUUX\/eatNanTPaBxRirV6V1qiarV6\/Ttth63ljtVnZ9uCirKsBvk19D\/w4WWcWtN+wGp9hJ6cVJYwQc3Gp9R+ePkJyJPGkP80MjdVhhl+v2o6GTJVT\/1zu88B1qSNWDQ7vE1BLNDifG3TwsiCnT3TLqVILpmBDom\/4EKO6Zd2OSPeDQukTiljbTEYd1YLzzZ77jnjip+67OzEuBCHm\/lhXfeR44fdw6fIkX4HbZk8fQ2fu\/95fv8VIM31Nmyiwd4s43eAnwUyqdMVCbsBWZG9kJ\/f+Th17jjNrmrlamf0r5Nx8k\/iM4PoAyj1tWy4Bqn1tantrnvOtDjB4RJyrls7h+nar678X5Fu+iL+DCev0yv6COZdq7YKa6fsRa6HptioCuaAQLhXSoRS3L0vX81hy4Bx4lH8powXHhL82he2X0Fiyw74nQQ3XQ34DOISDPDpCFwQuf92q7v0pT0ZjBus84Byla+mNCQcqR4hEzQrFo6duF4reDZPBc3RDOo2bnEL3kThGXUZSWWqOWLEoDv9DslupHIQerHYrxiZJ\/a\/b0q5UK1Cc\/9Vewk0ALRpQ\/7h76P0ZgqUpku1YNI0zGjadHSwVkz0BxrXor2hx4jG7B+ysLvJQSXNFuF+g7qjMZ6j9QzX+52\/2jU7yixwFbuUMoxzgpWyvIY\/lBrtkQdV2CgXCubzz4DEiqxYm1G9b3T2kfLsf6bRURZFYCZjVes+\/XdrnBX5S4oPldFbtUxV1Snwndd4T7DnTfcY8bDCyjmzKjr56nBlk7r8z9E8WMePscfq6rzha6Y5IGojfruwWX6kvdV2PgTl8wMY7Ba8V3T8Q2gtUY1fuPZ2e095lvQL67nFCCt7k9aEEfqG\/YLQOeE7T3kXAdDJj3KPnucl6WMsPbNFQ8yd\/W03Te4vx6FEw6aca8pRW04IDfT9PZ\/5wK5WkaA5VL2IxegovOHiGfeZ8M5gluINT3Im6exO8hvr9wD4x4u6OPd82zga2ZnJaCEQpo5\/8zF4yc2Uo0zuegYTB\/ZOnlMOw5UVHmAzvweqo8yLNv1jj0iZVqc8lSwAIyT65cKjoASV4wg7qiGOSZVzM1C1FRXMziBaWNsSdrT7W82nAZgo2XGlYwssQkXrl329TCeLZ2icbzIOuDqsZxzzsr35i0DX5IdVL42Gdptk0H7p86yDaUQR69FHrBv693dt7Ox\/ZGVogrdweSWRCuE6PvF3EZiozrJ8xwRd9VJGT7Kn3YMTHsJu87vPLS2BrOcVNRbQe0SequmeyBA2oGBMDlHJM40NWfv9sP7IY7+ssHrWkcb2i\/Q6ThPmftl2YaTrWvARrS3is1YaipkxFh4p8R9Ce3hSsNv9ELGKijQIXrzY6BS56+xWs8MVJ2ssncqANtkpJkdLUumx8nxumtbWbEIaV3i6Li02tMsqIP5\/LR0Kt8\/qY\/IepaVGqZuiKS3IAXv07Qc3","iv":"b73b0058dc6c7f0bd21e878f420c5400","s":"7a7bb504c208703d"}
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