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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","iv":"1a048f8fd1fa3112e76618a031e09ed8","s":"31354a4879179092"}
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