LVMH’s luxury crown slips as consumer spending starts to shift

Bain-Altagamma says personal luxury goods fell 2 per cent to €358 billion ($410 billion) in 2025, before a 2026 rebound.
LVMH's H1 2026 revenue reached €38.6 billion ($44.28 billion), with Q2 organic growth at 3 per cent.
Europe tourist spending fell around 20 per cent in February 2026, Middle East mall traffic weakened, and L'Oréal briefly overtook LVMH.