But there is some good news. Luxury market enjoys a good year

Coming against a backdrop of recession, high unemployment and declining domestic consumption, most of the gain can be attributed to exports and spending by foreign tourists, according to Cristina Martin, CEO of the industry association Luxury Spain. “Forty percent of Spanish firms' turnover is due to international sales,” she said yesterday.
The “made in Spain” label attracts foreign consumers looking for “quality and tradition”, Martin said.
The culinary and beauty sectors together account for 60 percent of total spending on luxury products and services in the Iberian nation, while fashion - particularly jewellery and leather goods - is becoming increasingly important within the segment, she said.

Luxury Spain was founded in May 2011 to promote Spanish luxury goods and services both at home and abroad and to protect the images of leading brands.