It's been a mixed picture for pure luxury retail recently, particularly as the wealthy worry about looming tax increases, but many consumers are finding value in off-price luxuries at outlet malls.
On some of the most critical days of this holiday season, outlet mall traffic surprised some analysts.
Citi's Deborah Weinswig said she was surprised by the crowds of shoppers and the excitement she saw at Saks Off Fifth on Black Friday.
"Some of the earliest signs of the successful early openings on Thanksgiving night and Black Friday were at some of the outlet centers and malls, people were really lined up," said Wendy Leibmann, CEO of retail industry consultants WSL Strategic Retail.