Wednesday, 10th August 2005 (3959 views)

Luxury goods sales, which include gold items, are tipped to rise in the USA.

According to Michael Silverstein, co-author of 'Trading Up: Why Consumers Want New Luxury Goods', Americans will be spending $1 trillion on luxury goods by 2010.

In an American phenomenon, some young consumers, dubbed 'gold-collar workers', have been spending disproportionately on luxury goods.

These 'gold-collar' consumers are characterised as still living at home, being on service industry salaries and as very keen on luxury goods.

This new trend could augment the enthusiasm for gold jewellery as seen in the burgeoning Chinese market.

Currently, the USA is the world's second largest consumer of gold jewellery, only behind India, and imports most of its gold.


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