Friday's NYT had an article about the rich starting to spend again, albeit cautiously. I like the trade idea, but still as more of a brand/emerging markets play. There is a Luxury Index ETF, sponsored by Claymore (which keeps spinning out more and more nichey products) and the Robb Report. The symbol is ROB, trading volume is modest, biggest names in the index are Swatch (?), Richemont, Wynn, PPR, Coach, Nordstrom and Christian Dior (Swatch is below 6% of the weighting). So, if you think people are about to start paying retail again to wear couture, smoke Dunhills and swill Moet Chandon, here's a pretty pure play.
Claymore/Robb Luxury Index ETF