^{Wednesday 7th July 2010}

Luxury retail sales in the US are growing at the fastest pace in four years, signalling that consumers are not concerned with unemployment and depressing data.

The sales growth has been driven by a 4.2% increase at wholesale clubs, excluding gasoline sales, and an 8% jump at luxury chains this year. Experts say that wealthy consumers appear to come out of hibernation at the end of a recession and start to spend.

Luxury Jeweller Tiffany & Co say that their customers are feeling a lot more confident this year due to improved levels of wealth.

However, investors remain slightly weary as the debt problem in the eurozone continues and some negative data from the US and China is still at the forefront of their minds.

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