NEW YORK — The rich treated themselves like royalty over the holidays, spinning the sason into gold for high-end retailers. Wealthier shoppers traded up to more expensive gold and diamond jewelry from silver charms. Designer clothing and purses were back.
The splurges are good news for the economy, because the richest 5 percent of Americans, those making at least $207,000 annually, account for about 14 percent of all spending. And consumer spending makes up about 70 percent of the economy.
Ariane Sommer, 33, of Los Angeles bought herself a $3,000 diamond ring at the pricey Italian jeweler Damiani in December.
“I am not only going to treat my friends and family, but I’m also going to treat myself,” she said, adding she hadn’t bought herself anything special in more than two years.
The splurges reached a head the week before Christmas. Average daily spending reported by upper-income shoppers rose 45 percent to $183 during the week ending Dec. 26, according to a Gallup Poll. The Associated Press
