The global economic downturn has gone some way in debunking the myth that luxury goods are unaffected by recessions.

From some angles, 2009 was an annus horribilis for the luxury industry. That year, Forbes reported the average net worth of the world's billionaires plunged 23% from the previous year to £3bn. As global wealth shrank so did luxury sales, which fell 8%, according to consulting firm Bain & Co. "Even people who had money were nervous because it was very unclear how the financial situation was going to pan out," says Tory Frame, head of consumer products at consultant Bain & Co. But the industry's pain was short-lived.