Luxury Sector Proves Resilient

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    The luxury sector in Canada has proven its resiliency in economic uncertainty as compared to Europe and the U.S., says American Express’ ‘Business Insights.’ Optimism amongst Canadians appears to be on the rise as luxury spending increases, but what has proven most surprising is that in a soft job market, younger Canadians are dominating luxury spending growth in the core areas of fashion, travel, and fine dining. The findings are based on actual, aggregated spending data from 2009 through 2011 and suggests that not only was the Canadian luxury sector less impacted by the downturn (down nine per cent in 2009) than its counterparts in the U.S. and Europe (down 14 per cent and 10 per cent respectively), but that Europe and the U.S. have yet to reach pre-recessionary spending levels in the luxury segment, whereas Canadian luxury spending has increased overall since 2009.