It’s about dang time.
With spending considered taboo for the past year, America’s affluent had been made to feel guilty for spending. According to a flood of reports, however, spending is back thanks to the “luxury recovery” brought on by an even more stabilized market.
According to Bain & Co, sales of luxury goods worldwide hit a record $228.5 billion in 2007 before the crash. Last year, sales plunged to $205 billion and this year they may rise 1.3%, Bain says. Once the stock market rebounded and capital markets stabilized, the wealthy felt rich and secure enough to spend again, reports The Los Angeles Times.
Gone are the days of shame walking into Neiman Marcus or Rolls-Royce dealerships. Bring on the spa appointments, safaris and aircraft purchases. Spending is back!