Vogue editor Alexandra Shulman on luxury shopping

Whilst some of us are tightening are belts, some of us are buying expensive ones. As LVMH, owners of Louis Vuitton have announced that their sales are up nearly 20%, it seems for some people the age of austerity is now well and truly over.

They have had to close their Paris stores an hour early to ration handbags in time for Christmas. Louis Vuitton are not the only Luxury goods company doing well, British brand Mulberry reported a 79% increase in sales. Rival Burberry and department store Harrods have also had bumper results.

Alexandra Shulman, editor in chief of British Vogue told the BBC why people spend money on luxury brands.