The New Life of Luxury

Luxury is bouncing back. Research from business and retail consultants Bain & Company, Deloitte, and Kurt Salmon Associates shows positive turnaround in every sector. Bain predicts a 4 percent increase in this year’s luxury sales. Deloitte’s Consumer Spending Index in March rose almost two and a half times over March 2009. And the jewelry industry is also seeing a turnaround; holiday 2009 and winter and spring 2010 buying shows came back to life after a long abysmal spell.  But understand that the marketplace has changed. While there is pent-up demand, post-recessionary patterns are proving different from the spending free-for-all we’d grown accustomed to. While much of the recent boom came from the hedge-fund crowd, aspirational consumers also contributed a hefty share. The people who bought a six-bedroom McMansion on a three-bedroom-ranch salary may have made news

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