Though the unified European currency has gained momentum over the pound during the past six months, EU members have changed their spending habits, as well. The buyers at London Fashion Week said that they won't be as likely to go out on a limb with new designers now that the global economic downturn and credit crunch has hit the world of fashion.
"I think we're just being more cautious about the way we spend our money," Coco Chom, a buyer for luxury British retailer Harvey Nichols, told Reuters dressed in a black fur coat, according to a Reuters article.
Business consultancy Bain & Co have said sales of luxury goods could drop as much as 7 percent worldwide in 2009.
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