A new report indicates Americans are spending less on luxury items across nearly every category — except for one.
U.S. credit card spending on luxury goods between January and May has dropped compared with the same period last year, CNBC reports, citing new data from Citigroup. But luxury jewelry spending has consistently increased on an annual basis each month since September, with spending increasing more than 10 percent in May 2025 compared with May 2024, the data indicates.
