Speculative excess in the stockmarket has tended to be associated with booms in luxury goods and record prices for trophy assets.

The sinking stock market ultimately cracked well-heeled shoppers' confidence. Luxury sales - including those at high-end department stores and restaurants - fell 4.8 percent.

At the high end, enthusiasm about China's allegedly endless appetite for luxury brands is pushing up stocks like LVMH, which now trades at about 3.5x book value on the hope of rapid growth.