The rich are spending more on luxury goods these days. According to the research service MasterCard Advisors SpendingPulse, the luxury category has posted 10 consecutive months of sales increases compared with the year earlier. In July, the luxury segment had an 11.6 percent increase, the biggest monthly gain in more than a year. Luxury good prices are on the rise as the Forbes Cost of Living Extremely Well Index (CLEWI) is up 4.5%, while the Consumer Price Index is up 3.6% over the same time period. The % increase in the price of our basket of goods is the highest since 2008.
20 of the 40 luxury goods and services are more expensive. What went up? A Russian Sable fur coat, a Louis Vitton travel bag and a pair of custom made John Lobb shoes. [Read Here]