The recession hit US economy had forced the rich spenders go a little tight on their shopping spree, affecting most high end companies. However, there is good news coming as some top luxury brands are already hitting the recovery path.
Luxury goods and jewelry retailer Tiffany has received an increase of 9 percent in sales in the second quarter of the year, according to a Friday report. Similarly, Neiman Marcus luxury departmental store also reported a 7.6 per cent jump in revenue.
Zales, a mass-market jewelry store on the other hand is having a not so great year. Walmart reported that second-quarter 2010 sales declining.
Bill Simon, chief executive of Walmart, US said that customers continue to spend conservatively even after a year of economic recovery. While there is signs of strong growth at high end stores, mass-markets are still facing the hurdles.