Video: Luxury shoppers are back
Luxury shoppers are back at Tiffany, Louis Vuitton, Coach and other high-end stores, retail reporter Andrea Chang says. And the crowds at South Coast Plaza and other upscale malls in Southern California aren't just window-shopping. Luxury retailers are reporting renewed fervor for handbags, shoes, jewelry and other indulgences at full price, she says.
That's a good sign for the economy. The richest 20% of households account for nearly 40% of total consumer spending in the U.S.