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Research

Luxury consumer spending to rise 8pc to $359B this year: American Express

April 18, 2011

 

By Elizabeth Zelesny

affluentconsumer2Despite the recent economic crisis, luxury retail spending has gained momentum as affluent U.S. consumers continue to regain confidence, according to a survey from American Express Publishing and Harrison Group.

Luxury consumers are expected to spend an extra $26.6 billion on luxury goods this year. According to the sixth annual American Express Publishing and Harrison Group survey, spending on luxuries, excluding cars and travel, is set to rise 8 percent to $359 billion compared to 2010.

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