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Levels of consumer spending have since started to slow on average.
Inflated home values, freely available credit, and low interest rates fueled unprecedented levels of consumer spending.
That suggests a predicament for policy makers, he said, because high levels of consumer spending are associated with a relatively low pace of economic growth.
Despite the reduced levels of consumer spending, China's super rich will splash out on quality brands - especially Parisian retailer Hermès, Apple, Louis Vutton and Chanel.
Economists and analysts forecast that it will take up to 10 years to return to 2007 levels of consumer spending — which makes now a good time for retailers to re-imagine the future.
He said the group's core market in the UK was seeing "an economic and political backdrop that is likely to be conducive to increased levels of consumer spending on household goods".
Similar(47)
But both stores reached record levels of consumer spend, thanks to year over year growth rates over 25percentt.
But the 1990s was a decade of slow growth, and households devoted a rising share of their incomes to maintaining their level of consumer spending.
The strong level of consumer spending runs against the grain of most recent economic indicators, which have suggested a slowing economy.
The drop suggested that the level of consumer spending caught executives by surprise and that they might need to increase production soon to restock their shelves.
The level of consumer spending in 2007-2008 was unsustainable.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com