Bloomberg | Bloomberg | Getty ImagesLONDON — European luxury stocks tumbled on Monday as analysts warned of a deteriorating demand outlook, particularly among high-spending Chinese consumers.
"Following the post-Covid peak in consumption in 2022, luxury sector revenues have been sequentially slowing.
Across European luxury firms, they expect a 1% revenue decline in 2024.
The Stoxx Europe Luxury 10, an index tracking top names in the sector, managed to hold flat but has fallen 3.82% in the year to date.
'Prolonged period of weakness'They're not alone in their bearish view on Europe's luxury sector.
Persons:
Hugo Boss, Germany's Hugo Boss, Burberry, Kering, Hermes, Jon Cox, Kepler Cheuvreux, CNBC's, Cox
Organizations:
Hugo, Hugo Boss AG, Bloomberg, Getty, Bank of America, Korean, BofA Securities, Kepler, U.S, CNBC, Burberry
Locations:
Shanghai, China, American, Europe