(From the FT.com) More prosperous American shoppers seem to be defying continuing high unemployment levels and economic uncertainty to renew their spending on luxuries such as jewelry, fashion and cosmetics. That is the picture emerging from the current round of US earnings and sales reports.

Tracey Travis, chief financial officer of Polo Ralph Lauren, said last week that the fashion brand and retail company had “slowly begun to see the gradual return of our core luxury customer”, including buyers of couture dresses that sell for more than $4,000.

Fabrizio Freda, chief executive of Estée Lauder, has said that sales of its beauty products at “prestige” stores – such as traditional department stores – had grown faster than at “mass” drugstores and discounters during November and December, reversing the trend seen earlier in the year.

Read more here: US shoppers splash out on luxury items