With the fall in consumer spending, the Luxury Consumption Index (LCI) plummeted 9.1 points to a historic low of 54.4 points for the first quarter 2008.
This follows a precipitous drop of 23.8 points at the close of the fourth quarter 2007, it said. LCI tracks how luxury consumers feel and helps marketers anticipate consumers spending in the coming quarters.
Image: Women walk past shops that cater to high-end luxury consumers along Rodeo Drive at Beverly Hills, California.| Photograph: David McNew/Getty Images
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