Throughout the economic recession, luxury brands did not see the sales amounts they had hoped for, as consumers cut back on a variety of purchases, especially high-end products. However, conditions are improving, and recent research has found that American shoppers are planning to buy from luxury retailers in the coming months.

According to a survey by Accenture, approximately half of consumers plan to buy luxury items within the next six months. Fifty-three percent of respondents will be purchasing specialty food or drinks, while 48 percent plan to buy luxury brand clothing. Forty-three percent will be purchasing personal care products from luxury retailers, the report states. In addition, consumers will be visiting both luxury brick-and-mortar locations to buy the items they want. These findings highlight the fact that shoppers are becoming more confident in their own financial conditions and therefore are feeling comfortable about splurging on luxury products.

While New York City has long been regarded as the most sought after location for luxury stores, it seems as though Hong Kong has taken the top spot for these retailers. Bloomberg reports that the Asian city is now the most expensive when it comes to renting luxury brand storefronts in high-end neighborhoods. Fifth Avenue in New York City was bumped down to the second spot, while Paris' Avenue des Champs-Elysees came in third.

This entry was posted by Retail Pro on Thursday, November 15th, 2012 at 3:31 am .