Even as the labor market improves, the weak housing market and high oil prices are among factors "holding the recovery back," Fed Chairman Ben S. Bernanke said April 27 in his first regular press conference. "The substantial ongoing slack in the labor market and the relatively slow pace of improvement remain important reasons that the Committee continues to maintain a highly accommodative monetary policy."

Smaller Gains

HENRYs purchased $14,241 worth of luxury goods on average across 22 categories in the first quarter, up about $2,400 from the same period in 2009, according to Unity Marketing's data. The wealthiest consumers spent $56,534, about $16,000 more.

The highest-income shoppers are insulated from rising food and fuel prices by gains in their financial portfolios, said David Schick, an analyst at Stifel Nicolaus & Co. in Baltimore.

The Standard & Poor's 500 Index has climbed 96 percent since reaching an almost 13-year low on March 9, 2009, at the depths of the recession.

The S&P Retail Exchange-Traded Fund has risen by 49 percent since Dec. 31, 2009, while the S&P 500 ETF has increased 20 percent over the same time period.

Revenue for luxury retailers like Coach and Tiffany & Co. is growing because their primary customer base can still afford to splurge even as it costs more to buy groceries and fill gas tanks, Schick said.

'De-Linking'

"Very robust sales numbers for Coach and Tiffany's show that de-linking, where food and fuel inflation is just not as significant," he said.

Net sales for Coach increased 14 percent in the quarter ended April 2 from the same time last year, while Tiffany's worldwide net rose 12 percent in the period ended Jan. 31.

Handbag sales at different price points for New York-based Coach show "bifurcation" within its customer base, according to Daniela Nedialkova, an analyst with Atlantic Equities LLP in London. Coach's most expensive purses, priced at $400 or more, contributed 18 percent to net sales in the third quarter, up from 10 percent the prior year, she said.