US credit card holders spent much less on this luxury in October

In October, U.S. credit card holders significantly reduced their spending on luxury items, reflecting a cautious consumer sentiment amid mixed economic signals. While the GDP has shown recovery with nearly 4% growth in the last two quarters, the decline in luxury spending raises concerns about consumer confidence and overall economic health. This trend is particularly noteworthy as it could impact retailers and the broader economy, indicating that despite growth, many consumers are still wary of their financial situations.