For LVMH third quarter sales were up 19 per cent compared to the same period of 2021. For the first nine months of 2022, revenues of LVMH were up 28 per cent. The group’s fashion and leather goods division led the jump in sales with a 22 per cent increase on the same period a year ago.

Wealthy shoppers splashed out on fashion and Americans in Europe made the most of the strong dollar.

Sales in Europe, the United States and Japan were up sharply since the start of the year, benefiting from solid demand from local customers and the recovery in international travel. Asia, including China, saw slower growth over the first nine months of the year, though growth accelerated in the third quarter due to the easing of Covid restrictions. In fashion and leather goods, part of the business has shifted away from the US and towards Europe as US citizens benefit from the strength of the dollar.

A recovery in China could come as consumers in the West begin to sober up from the post-pandemic euphoria.Demand for luxury goods has so far proved resilient from inflationary pressures, with affluent consumers less impacted by a cost-of-living crisis that has led the less well-off to cut back on discretionary spending.

French luxury goods giant LVMH, home to fashion brands such as Louis Vuitton and Dior, also owns Sephora and Bulgari.