The rich are once again spending money on themselves, as demonstrated by the noticeable rise in luxury sales in 2010. Purchases of fine clothes, jewelry and other luxury items has surged 10% so far this year, for a total of $237 billion, after declining 9% in 2009. The increase is being fueled by an expected 30% jump in China, followed by 12% in the U.S. market and 6% in Europe.

 

The world’s largest maker of luxury goods, LVMH (Moët Hennessy Louis Vuitton), announced that their revenues increased 19% for the first nine months of 2010, with the biggest growth (29%) coming from sales of watches and jewelry.

-Noel Brinkerhoff, David Wallechinsky

 

Luxury Sales Rebound to Pre-Crisis Levels (by Colleen Barry, Associated Press)

Luxury-Goods Sales May Reach Highest Level Globally Since 2007, Bain Says (by Andrew Roberts, Bloomberg)