Forbes reports that luxury spending is seeing an increase as millionaires are less fearful of their economic futures. Luxury retailers like Neiman Marcus and Nordstrom have earned 3-digit percentage gains in stock value and increased same-store sales after several months of decline.
Analysts believe that this is an indication that high-end retail is on the recovery. Ironically, Walmart posted the smallest sales gain at only 1%. It appears that shoppers who tried dollar stores during the initial scare were presently surprised and are deciding to stay loyal to the low cost retailer. Dollar General’s research found that 97% of new customers plan to continue shopping there if the economic conditions change. Additionally their profits have risen 6.5%. In keeping with the momentum, Dollar General is in the process of revamping their store layout to roll out to 1,500 stores and improving their product mix.
