• December 15, 2010

American Express Business Insights report on third-quarter luxury retail spending in the furniture and home furnishings, apparel and accessories, jewelry and department store luxury categories says a weaker summer and fall followed a strong March and April. The study says spend increased in those months by 19% and 21% respectively, while spending in the remainder of 2010 increased by much smaller amounts, "Showing that consumers and businesses alike tightened their purse strings to preparation for the holiday season."

The report says that overall consumers' spending increased 12% on furniture and home furnishings for home upgrades, opting to invest in their current homes rather than wading into the housing market. Small and large businesses however, continued to hold back and decreased spending in this category by 2% and 7% respectively, per the study.

Department store spending increased across all segments with a 9% increase for consumers and 8% increase for small businesses. Large businesses followed with a 7% increase.