Sentiment data reflect the stock-market gains. The Conference Board's consumer-confidence index for households making more than $50,000 a year climbed in December to a seven- month high, while the gauge fell for income groups in the $35,000-$50,000 and $25,000-$35,000 ranges.

Rising foreclosures and declining real-estate values indicate middle- and lower-income households will remain cash- strapped. The asset value of property held by Americans fell by $649 billion in the third quarter to $16.6 trillion, the Fed said Dec. 9. Home prices may drop as much as 11% through the first quarter of 2012, which would be 36% below their 2006 peak, according to a Dec. 8 Morgan Stanley report.

'Uneven Recovery'

"It's an uneven recovery at this point," Maki said. "We're seeing more of a rebound at retailers serving upper- income households."

Coach, the largest U.S. maker of luxury leather goods, in October raised its North America sales forecast for the rest of the year. In anticipation of holiday-season sales, the New York- based company increased inventory by 36%, including its line of Sophia satchels that range from $298 to $1,000. The company will report second-quarter results on Jan. 25.

Tiffany will accelerate store openings for 2011, Chief Financial Officer James Fernandez said on a Nov. 24 conference call. The New York-based jeweler on Jan. 11 forecast profit from continuing operations of as much as $2.88 a share in the year ending Jan. 31, up 11 cents from a November projection and exceeding the $2.79 average estimate of analysts surveyed by Bloomberg.

Rising Wine Sales
Total U.S. wine sales rose 4.1% to $9.32 billion for the 52 weeks ended Dec. 11, according to the most recent data from Nielsen Co. The fastest-growing segment was wine priced at $20 a bottle and higher, with sales gaining 11%. Wines under $3 declined 0.6%.

There's been "a greater bounce back in the more-affluent customer," said Clarence Otis, chief executive officer of Darden Restaurants Inc. He should know: His Orlando, Florida- based company owns both casual-dining chains such as Red Lobster and Olive Garden as well as the upscale Capital Grille steakhouse.

The industry is witnessing a "changing guest mix," Andrew Madsen, Darden's chief operating officer, said on a Dec. 21 conference call with investors. "Less-affluent guests who tend to have a lower check are reducing their restaurant visits."

Want, Not Need