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Cost of living crisis? Consumers keep spending for now

Consumer-focused firms are seeing no shortage of demand despite the soaring cost-of-living, prompting several to upgrade sales forecasts for the current year, though questions remain about how long that will last.

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LVMH, the world's biggest luxury goods firm, on Monday reported better than expected second-quarter sales, with robust U.S. growth and a recovery in Europe offsetting declining revenue in Asia. "We're growing double digit with most of our brands so we cannot complain about European customers. On top of that we've got significant touristic activities in Europe," said LVMH financial chief Jean Jacques Guiony.