Unity marketing president Pam Danziger said, "The LCI started to measure flagging consumer confidence among the affluent about a year ago at the end of March".
"But their spending on luxury did not begin to retreat until a little later in the year. We expect luxury consumers to be conservative in their spending at least until the presidential election when new leadership may provide an emotional lift," he noted.
Image: People window shop at De Beers jewelers in Beverly Hills, California.| Photograph: David McNew/Getty Images
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