File this under “Recession? What recession?” According to a recent report, worldwide sales of luxury items such as fancy handbags and jewelry were actually up an unexpected eight percent last holiday season.
Consulting firm Bain & Company and Altagamma, an Italian “luxury trade group,” says the surprising up-tick ended two years of declining sales for luxe goods. The even better news? As consumers gain confidence in the economy, worldwide sales for items of self-indulgence could reach a record $227 billion this year.
Americans remain the top dogs when it comes to buying bling, says the report. But high-end sales in China jumped 30 percent in 2010 and is set to rise 25 percent this year.
So party like it’s the 1999 because, apparently, conspicuous consumption is back.