If the art market is any indication, 2009 was a boom year for spending on luxury goods. According to Bain & Co., the growth was phenomenal 10% with much of that driven by Chinese buyers:

Global luxury sales goods in 2010 will likely rise 10% from last year to EUR168 billion, but slow in 2011 to between 3% and 5%, Bain & Co. said Monday in a report for Altagamma, an Italian association of fashion companies.

Luxury goods are a key indicator for discretionary consumer purchasing trends. Stronger-than-expected economic growth led Bain to raise its 2010 sales forecast from the 4% growth rate it had projected in April.

Bain: Global Luxury Goods Sales +10% In 2010, 3% To 5% In 2011 (Dow Jones Newswires)