European Luxury Goods: Chase(ing) US consumer spending - the June and Q2 update

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European Luxury Goods: Chase(ing) US consumer spending - the June and Q2 update

J P M O R G A N Europe Equity Research

08 July 2026

European Luxury Goods

Chase(ing) US consumer spending - the June and Q2

update

We track our Chase credit card data to gauge US spending across different European Luxury & Sporting Goods

ACcategories, income brackets and age cohorts. In June, total consumer spending Chiara Battistini

grew +5.7%, a tad above May trends (+5.3%), taking the Q2 running average to (39-02) 8895-2700

+5.3%, well above the Q1 average of +4.0%. Discretionary spending led the chiara.x.battistini@jpmorgan.com

acceleration, with a sequential improvement to +6.0% vs+5.0% in May, leaving the J.P.(AsiaMorganPacific)SecuritiesLimited plc/ J.P. Morgan Securities

Q2 a touch above the Q1 average. By category, ‘Jewelry stores’ confirmed the best

Wendy Liu

trends, running at double digit thoughout June (at +10.5%), following May at (44-20) 3493-9733

+11.7%. ‘Sporting goods, hobby, book & music stores’ slightly decelerated wendy.liu@jpmorgan.com

sequentially but remained strong at +8.3%, while ‘Clothing and accessory stores’ J.P. Morgan Securities plc

showed some improvement sequentially at +7.5%. By income bracket, all cohorts Apurva Vishwaraj

sequentially improved slightly in discretionary spending trends vs last month, with apurva.vishwaraj@jpmchase.com

middle- and upper-income consumers remaining resilient and running at >7% J.P. Morgan Securities plc

growth so far in June and at c.+7% in Q2. In this context, we continue to expect Victoria Saden

ongoing support from American consumers for luxury companies and think this (44-20) 3493-0435

victoria.saden@jpmorgan.com

cohort will once again emerge as one of the best performing in Q2. J.P. Morgan Securities plc