We see opportunities not just this year, but in the long term.”The strong luxury spending is welcome news for an industry grappling with slowing growth in Europe and in emerging markets that once seemed to offer the most potential for growth, but are now hit by weaker asset prices, currency pressures and economic and political turmoil.In the United States, spending on personal luxury goods rose a steady 5 percent last year to about $73 billion, Bain estimates, compared with negative growth in previous juggernauts like China and Russia.And this week’s report by LVMH Mot Hennessy Louis Vuitton, the world’s largest luxury goods maker, underscored the market shifts. The company said that sales in Asia dropped 6 percent in the fourth quarter of 2014 from the same period a year earlier, while sales in Europe grew 5 percent. But its bright spot was the United States, where revenue jumped 13 percent in the fourth quarter from a year earlier.”There’s a whole new generation of 30 and 40 year olds making millions of dollars a year in hedge funds and technology and real estate,” said David Friedman, president of the wealth consultancy Wealth X.Milton Troche, 29, whose father runs a textile company in New York, said business was looking up and that he felt flush enough to upgrade his wardrobe this year.
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