Signs that even the world’s richest consumers are falling prey to fears of recession gathered pace yesterday as two big luxury goods makers said demand from Japan and the US for Cartier watches, designer handbags and expensive jewellery was slowing.

Richemont, the world’s second-largest luxury goods company, said underlying growth slowed to 10 per cent in December – against 14 per cent for the full quarter – as demand waned from consumers in two of the world’s biggest economies.