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Swiss watchmaker Swatch apologized Monday for an ad campaign that upset consumers in China and elsewhere and said it had “immediately removed all related materials worldwide.”In an image for the Swatch Essentials collection, an Asian male model is shown pulling the edges of his eyelids upward and backward with his fingers a gesture seen as derogatory and racist, Swiss public broadcaster SRF reported.The image triggered criticism on social media in China, with major influencers weighing in.Swatch wrote on Instagram that “we sincerely apologize for any distress or misunderstanding this may have caused.” It said it would “treat this matter with the utmost importance.”SRF reported that the apology was also posted on the Chinese social network Weibo in Chinese and English.China is a major market for luxury brands and watchmakers. The founders of Dolce&Gabbana apologized on video in 2018 after Chinese boycotted its products over what were seen as culturally insensitive videos promoting a runway show in Shanghai.Swiss watch exporters are facing new tariffs in the U.S. and a prolonged slowdown, with significant declines in the United States, Japan and Hong Kong, according to industry association figures. Associated Press
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E-Commerce
Tourism in Las Vegas is slumping this summer, with resorts and convention centers reporting fewer visitors compared to last year, especially from abroad, and some officials are blaming the Trump administration’s tariffs and immigration policies for the decline.The city known for lavish shows, endless buffets and around-the-clock gambling welcomed just under 3.1 million tourists in June, an 11% drop compared to the same time in 2024. There were 13% fewer international travelers, and hotel occupancy fell by about 15%, according to data from the Las Vegas Convention and Visitors Authority.Mayor Shelley Berkley said tourism from Canada Nevada’s largest international market has dried up from a torrent “to a drip.” Same with Mexico.“We have a number of very high rollers that come in from Mexico that aren’t so keen on coming in right now. And that seems to be the prevailing attitude internationally,” Berkley told reporters earlier this month.Ted Pappageorge, head of the powerful Culinary Workers Union, called it the “Trump slump.” He said visits from Southern California, home to a large Latino population, were also drying up because people are afraid of the administration’s immigration crackdown.“If you if you tell the rest of the world they’re not welcome, then they won’t come,” Pappageorge said.Canadian airline data shows fewer passengers from north of the border are arriving at Harry Reid International Airport in Las Vegas. Air Canada saw its passenger numbers fall by 33% in June compared to the same time a year ago, while WestJet had a 31% drop. The low-cost carrier Flair reported a whopping 62% decline.Travel agents in Canada said there’s been a significant downturn in clients wanting to visit the U.S. overall, and Las Vegas in particular. Wendy Hart, who books trips from Windsor, Ontario, said the reason was “politics, for sure.” She speculated that it was a point of “national pride” that people were staying away from the U.S. after President Donald Trump said he wanted to make Canada the 51st state.“The tariffs are a big thing too. They seem to be contributing to the rising cost of everything,” Hart said.At downtown’s Circa Resort and Casino, international visits have dipped, especially from Canada and Japan, according to owner and CEO Derek Stevens. But the downturn comes after a post-COVID spike, Stevens said. And while hotel room bookings are slack, gaming numbers, especially for sports betting, are still strong, he said.“It’s not as if the sky is falling,” he said. Wealthier visitors are still coming, he said, and Circa has introduced cheaper package deals to lure those with less money to spend.“There have been many stories written about how the ‘end is near’ in Vegas,” he said. “But Vegas continues to reinvent itself as a destination worth visiting.”On AAA’s annual top ten list of top Labor Day destinations, Las Vegas slipped this year to the last spot, from number six in 2024. Seattle and Orlando, Florida home to Disneyworld hold steady in the top two spots, with New York City moving up to third for 2025.Reports of declining tourism were news to Alison Ferry, who arrived from Donegal, Ireland, to find big crowds at casinos and the Vegas Strip.“It’s very busy. It has been busy everywhere that we’ve gone. And really, really hot,” Ferry said. She added that she doesn’t pay much attention to U.S. politics.Just off the strip, there’s been no slowdown at the Pinball Museum, which showcases games from the 1930s through today. Manager Jim Arnold said the two-decade-old attraction is recession-proof because it’s one of the few places to offer free parking and free admission.“We’ve decided that our plan is just to ignore inflation and pretend it doesn’t exist,” Arnold said. “So you still take a quarter out of your pocket and put it in a game, and you don’t pay a resort fee or a cancelation fee or any of that jazz.”But Arnold said he’s not surprised that overall tourism might be slowing because of skyrocketing prices at high-end restaurants and resorts, which “squeezes out the low end tourist.”The mayor said the rising cost of food, hotel rooms and attractions also keeps visitors away.“People are feeling that they’re getting nickeled and dimed, and they’re not getting value for their dollar,” Berkley said. She called on business owners to “see if we can’t make it more affordable” for tourists.“And that’s all we want. We want them to come and have good time, spend their money, go home,” the mayor said. “Then come back in six months.” Weber reported from Los Angeles. Ty Oneil and Christopher Weber, Associated Press
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E-Commerce
Home Depot’s sales improved during its fiscal second quarter as consumers remained focused on smaller projects amid cost concerns and economic uncertainty, but its performance missed Wall Street’s expectations.Revenue for the three months ended August 3 climbed to $45.28 billion from $43.18 billion, but fell short of the $45.41 billion that analysts polled by FactSet were looking for.Sales at stores open at least a year, a key indicator of a retailer’s health, rose 1%. In the U.S., comparable store sales increased 1.4%.Customer transactions declined less than 1% in the quarter. The amount shoppers spent rose to $90.01 per average receipt from $88.90 in the prior-year period.“Our second quarter results were in line with our expectations,” Chair and CEO Ted Decker said in a statement on Tuesday. “The momentum that began in the back half of last year continued throughout the first half as customers engaged more broadly in smaller home improvement projects.”Home improvement retailers like Home Depot have been dealing with homeowners putting off bigger projects because of increased borrowing costs and lingering concerns about inflation.The U.S. housing market has been in a sales slump dating back to 2022, when mortgage rates began to climb from pandemic-era lows.Sales of previously occupied homes have slumped as elevated mortgage rates and rising prices discourage home shoppers.Sales of such homes in the U.S. slid in June to the slowest pace since last September as mortgage rates remained high and the national median sales price climbed to an all-time high of $435,300.Home sales fell last year to their lowest level in nearly 30 years.Home Depot earned $4.55 billion, or $4.58 per share, for the second quarter. A year ago, the Atlanta-based company earned $4.56 billion, or $4.60 per share.Removing certain items, earnings were $4.68 per share. Wall Street was looking for earnings of $4.72 per share.The company reaffirmed its fiscal 2025 forecast for total sales growth of about 2.8%. It still expects adjusted earnings to decline about 2% from $15.24 per share a year earlier. Michelle Chapman, AP Business Writer
Category:
E-Commerce
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