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Monday, 21st March 2005 (5485 views)

A rise in the number of affluent Americans is helping to drive a strong luxury goods market, with precious metals such as gold benefiting thanks to its exclusive appeal.<br/><br/>New analysis from the US suggests that an increasing number of consumers are purchasing luxury items, with the net wealth of households in the country currently at record levels.<br/><br/>Products such as gold mobile phones and mp3 players have signalled a new era in consumer shopping, which experts say has helped counteract the damaging impact of the dip in consumer confidence in the US after September 11th.<br/><br/>Lynn Franco, director of the Conference Board research centre, told Reuters that the "mass affluent" - consumers who are willing to treat themselves to quite substantial extravagances - had helped bolster the jewellery and other luxury goods market.<br/><br/>"Luxury is no longer confined to the affluent," she explained.<br/><br/>However, Ms Franco also warned that "if the economy goes downhill, those at the lower end of the luxury scale might be more impacted".<br/><br/>A recent report found that American consumers spent $57.4 billion on watch and jewellery purchases last year.<img alt="track" src="http://directnews.dehavilland.co.uk/dn.gif?feedid=196&itemid=8082705"/>

 

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