The result is that brands matter less: a recent Nielsen survey found that more than sixty per cent of consumers think that stores’ generic products are equal in quality to brand-name ones.

In a research note, Piper Jaffray analyst Gene Munster made the following points based on a survey of 236 people in line at Apple stores in New York and Minneapolis.

Meanwhile, a survey of 40 department stores conducted by the JDSA found that spending by foreign tourists-led by Chinese-has risen every month but one since March 2009.