Big spenders bring cheer; Interview of the Week.

Byline: JEZ DAVISON

THE affluent minority is keeping Britain's retail industry afloat, says JEZ DAVISON WHY do expensive goods sell better than cheaper ones in a recession?

Bargain-hunters flocked to the high street during the traditional Christmas frenzy, yet high-end retailers generally fared better than those operating in the mass market.

Marks & Spencer, Next and Debenhams all announced a like-for-like sales slump in their latest trading statements, but destination stores, like Middlesbrough's own designer outlet Psyche, fared much better. Owner Steve Cochrane said his more expensive items sold faster than the cheaper ones during the festive rush.

Notwithstanding that the average UK chief exec has seen pounds 2m wiped off his/her personal stake in their company's equity, they still think nothing of forking out pounds 300 for a pair of designer jeans at John Lewis.

The super-rich are no more tempted by knocked down Armanis than they would be by a bogof at Morrisons.

This is probably why discounting is reserved mainly for cheaper goods. Cue Asda, which has already slashed prices on 1,000 products in a move that could reignite the worst of the price wars between the supermarket giants.

Meanwhile, John Lewis, the upmarket department store, sold twice as many large flat screen TVs as last year during the week to December 27, while sales of carpets and other floor coverings soared by 85%.

Clearly, those who have plenty of money will continue to spend it ... for now, at least. It's a heartwarming thought to counter those chill winter winds blasting through the high street.