$221.8 bln spent on luxury items in Q2 2006
Luxury consumers’ confidence plummeted during Q2 2006, dropping 14 points down to 99.2 from a high of 113.2 at the close of Q1 2006. At the close of Q2 2006, nearly half (47%) of luxury consumers believed the country was worse off compared to three months ago. Only 16% felt it had improved. Luxury consumers spent $221.8 bln on luxuries in Q2 2006, up a scant 0.7% from total spending of $220.2 bln in Q1 2006. With the exception of experiential luxuries, the luxury market declined in all categories in Q2 2006. The market for home luxuries was down 5.7% to $48.3 bln. The personal luxury market, including fashion, jewelry, watches, pens and writing instruments, wine and spirits, and pet luxuries declined 8.7% to $29.9 bln and the market for luxury automobiles was down .9% to $60.8 bln.