Richard Perks, director of Retail Research at industry analysis company MINTEL, said Europe's luxury brands have remained relatively unaffected by reduced retail spending because the global consumer base for luxurygoods is growing.
Corresponding to the decline in luxuryconsumer confidence, the average amount spent by affluent consumers on luxurygoods and services in the second quarter 2011 declined by 8.4 percent from the first quarter and dropped 18.4 percent over same quarter last year, according to the survey.
This kind of demand, especially in a place where counterfeit luxurygoods are easy to come by, has led to the assumption that prospects for parts of the Chinese consumer market remain strong despite rapidly-slowing growth in the overall economy.