America’s affluent are rapidly scaling back their luxury purchases, and apparel and accessories are bearing the brunt of the decline.
According to Unity Marketing’s quarterly Luxury Consumption Index, a survey of spending by those with household incomes of $100,000 a year or more, the wealthy cut the amount they spent on luxury goods and services to an average of $18,374 during the second quarter, 8.2 percent below the first-quarter level of $20,017 and 26.9 percent below the $25,150 spent during the second quarter of 2011.
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