The Commerce Department reported Thursday that retail sales rose 0.3% in November after falling 0.3% in October. Retail spending over the past 12 months has grown 3.7%, in line with modest economic growth. Even as many Americans struggle to find jobs and pay bills, one sector of the economy has been resilient in this weak economic environment. Wealthy Americans are continuing to spend their money and Web sites like Gilt — a flash sales site that offers discounts on designer apparel and jewelry as well as deals on exotic vacations, restaurants, Broadway shows and gym memberships -- have experienced a surge in sales as high-end consumers chose online shopping over brick-and-mortar stores.
Even the prospect of higher taxes next year has had little effect on the shopping habits of these individuals. Kevin Ryan, CEO and founder of Gilt, estimates that sales for the current quarter will increase 30% from the same period a year ago. The site saw a 60% year-over-year gain during the
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