Rich Americans Spend More on Luxury Goods
July 13, 2011 at 04:53 AM EDT
Wealthy Americans, who are expected to increase their spending on luxury items by 8 percent to $359 billion this year, are no longer embarassed at flaunting their wealth despite an economic slowdown which has caused hardship on many who have lost their jobs, David Arnold, publisher of luxury magazine the Robb Report told CNBC.
