More than one-half of US consumers with a net worth of more than $5 million said they bought apparel on the Internet, according to a Luxury Institute survey.
Online sales of luxury goods are expected to generate $7 billion in the United States in 2010, up from $2.5 billion in 2007, according to Forrester Research.
"While it's still a small percentage of overall retail sales, it's still the fastest-growing segment," said Victoria Bracewell Lewis, a senior analyst at Forrester, in an International Herald Tribune article.
Online sales at accessories specialist Coach grew by 51% in 2006 and are expected to pass $100 million in 2007. The Website generated 60 million visits in 2006, an increase of 20% from 2005.
"As a point of reference, this is more traffic than all traffic combined in our North American full-price stores last year," David Duplantis, a Coach senior vice president, said in a meeting with analysts.
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