Evening Standard: Big spending is back in fashion as London's shoppers shrug off "bank crash" guilt and start splashing out in the approach to Christmas. West End stores say they have been astonished by the sudden return of conspicuous consumption. Sally Scott, marketing director for Selfridges, said customer confidence has bounced back, peaking in the past few weeks, says www.diamonds.net referring to Evening Standard.
Champagne sales are up 20 percent from one year ago and expensive vintage wine is selling well, including an approximately $3,505 (GBP 2,200) bottle of Lafite Rothschild. In the Christmas department, takings are up 56 percent. Scott said, "Things have really picked up and we are confident of a hugely successful Christmas."
Big sales at Selfridges last week included a $27,000 (GBP 17,000) pair of Tiffany earrings and an approximately $15,930 (GBP 10,000) Dior necklace. The revival has been fueled by a better year in the City, where the FTSE 100 has surged through the 5,000 mark, and weak sterling has attracted European shoppers.
Michael Wainwright, managing director of jewellers Boodles, said the Royal Exchange branch has completed two "six-figure" sales in recent weeks, a diamond necklace and a bracelet. "Business started turning the corner a few months ago when people realised it was not the end of the world," he said.
Liberty spokeswoman Kate Brindley said sales of more expensive goods had "over-performed" in the past two months. Paul Morelli jewelry costing about $1,593 to $15,933 (GBP 1,000 to GBP 10,000) has proved a best-seller, alongside Hermes cashmere scarves worth approximately $956 (GBP 600). She said, "There has been a return in customer confidence at the upper end of the market."
At Harvey Nichols one buyer snapped up an approximately $23,891 (GBP 15,000) Lana Marks Positano bag this past week, while September sales at grocer Fortnum & Mason were 15 percent above 2008. "So far, this month has been terrific," said managing director Beverley Aspinall.
