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After swearing off excessive spending and shunning frivolous purchases, consumers appear to be ready to indulge again and are treating themselves to the most splurge-worthy items. Recently released retail sales figures point to strong growth in the luxury goods sector. From luxury homes and vehicles, to high-end fashion apparel, upscale dining and modest luxuries like haircuts and gourmet coffee, people are once again partaking in products and services they'd forgone amid the economic downturn. With consumer spending on luxuries rising, the pent up demand that's being unleashed is spurring economic growth and benefitting businesses; making this an ideal time to tap into the momentum and own a business that offers consumers sought-after luxuries. Whether you're interested in owning an established retail or restaurant franchise, a popular coffee concept, or a proven spa, salon or beauty business, there are an array of franchises and business opportunities that enable you to cater to the growing demand for large and small luxuries.

If bustling, upscale stores and restaurants seem even busier lately, they are. Sales at high-end stores and restaurants rose 8.5% in March, 2011, marking the sixth consecutive month of growth and the largest year-over-year increase since December 2010, according to MasterCard Advisors SpendingPulse, a macroeconomic indicator that tracks consumer retail spending.

Fashion-starved consumers, who have gone without, are not settling when it comes to indulging their clothing cravings. Many style-conscious shoppers are bypassing mid-range merchandise, in favor of high-end brands. Overall luxury fashion spending is up 35% in the past year, yet mainstream fashion spending rose only 8% since last year, according to the most recent data from American Express Business Insights, which tracks the spending habits of its' 90 million cardholders.

In addition to embracing upscale apparel and fine dining, consumers are also spending on other small luxuries again. A recent, 2010, annual survey conducted by BIGresearch for STORES magazine, asking consumers which products and services they consider "untouchable," and cannot live without, and which expenses they deem "expendable," and are willing to forgo, finds that consumers are starting to enjoy the same discretionary services and items that they may have previously forsaken due to the economic dip. The percentage of consumers unwilling to cut expenses increased from the previous year in many of the 36 product/service categories. Some of the leading product categories topping the list of untouchables that consumers are increasingly enjoying include:

• Haircuts and color, department store shopping, and casual sit-down dining, which were among the key categories that returned to the untouchable list.
• Internet service, which topped the list of untouchables (with 81.5% of respondents choosing not to go without this expense).
• Additional products and services highlighted on the untouchables list include: fast food dining, mobile/cell phone service, fast-casual dining, a new pair of shoes, a new pair of jeans, upgraded mobile devices (such as cell phones, smart phones, iPads and eReaders) and a daily cup of gourmet coffee (16.7%).

With consumer spending on the rise in numerous areas and the economy rebounding, a wide-range of sectors are experiencing increased demand. Franchises and business opportunities provide you with the chance to become part of the industry of your choice, as previous experience typically is not necessary. So regardless of whether you're interested in owning a retail business, a full-service restaurant, a fast food concept, a consumer electronics or Internet-related business, an established salon franchise, or a beloved coffee concept, now is an ideal time to start exploring your options.

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