Living It Up: Our Love Affair with Luxury

Economic downturns and terrorist attacks notwithstanding, America's love affair with luxury continues unabated. Over the last several years, luxury spending in the United States has been growing four times faster than overall spending. It has been characterized by political leaders as vital to the health of the American economy as a whole, even as an act of patriotism. Accordingly, indices of consumer confidence and purchasing seem unaffected by recession. This necessary consumption of unne...