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LUXURY SALES SURGE AGAIN May 05, 2011 (0 comments)
Merrick, NY--Luxury spending is expected to rise 8% this year, according to the Luxury Goods Worldwide Market Study, released Tuesday by Bain & Co. The gains come on top of a record 2010, when luxury goods sales recovered the ground lost in 2008 and 2009, according to an article in The Wall Street Journal.
Much of the growth is fueled by double-digit increases in China, but it also represents a resurgence in mature markets like the United States and Europe. U.S. department stores such as Saks Fifth Avenue fared well, as did luxury conglomerate LVMH, which reported a 17% increase in the first quarter.